What kind of property qualifies under Forces Help To Buy?
The criteria for the Armed Forces Help to Buy Scheme [FHTB] requires that your selected property must:
- Be located within the United Kingdom, Channel Islands or Isle of Man. However, you can use the scheme to buy a house in the Republic of Ireland if one or more of your parents has an Irish passport.
- Be your first home. You can use the loan to purchase a new house or flat provided that it is a minimum of 50 miles from the property you own at the moment.
- Be for you or your immediate family’s occupation. It’s apparently okay if you reside there only at weekends and whilst on leave if you are single and can’t reside in the property throughout the working week.
- Not be a mobile home, houseboat or caravan – you cannot use the scheme to purchase any of these.
- Be a residential property; this new mortgage loan cannot be obtained for the purchase of any business property.
- Be a mortgageable house i.e. a house where a person could be eligible for a mortgage. So, for instance, the house selected must be of standard construction.
- Be used only to assist in the actual purchase of a house (e.g. as part of a deposit). So you can’t use a FHTB loan, for example, to pay for fittings or furniture.
Under the FHTB scheme, am I eligible for a loan?
You must meet the following criteria to qualify for these interest free military loans:
- You need to be in regular service
- When you apply for the loan, you need to have a minimum of six months of service still left
- You need to have been accepted onto the trained strength (for those in the Marines or the Navy)
- You need to have served for two years from your enlistment date and have completed your Phase 2 training (for those serving in the Army or RAF)
- You can not have owned any house, in the last year, within 50 mile from the house you are hoping to purchase under the scheme
NB It does not matter whether you are in a civil partnership, married, or stay single – you are still entitled to apply for this new military loan scheme
Buying a new property using a FHTB Scheme? Our Specialists can help
Our conveyancing team has more than 20 years experience in assisting hundreds of serving and retired members of HM Armed Forces throughout England and Wales to buy their own homes – and we offer 10% discount on all of our legal services to the military.
So for specialist advice on this military help to buy scheme;
• Call now on locally on on [01722] 422300 or on FREEPHONE 0800 1404544 for a FREE quote OR
• E-mail us using the contact form below