There has been lots of talk about the Government Help to Buy Schemes in the press lately and how they are helping buyers to get moving. This extends to a new scheme specifically launched for service personnel – The Forces Help to Buy Scheme (FHTB).

What is it?

The scheme has initially been set up to cover a 3 year period, offering service personnel loans of up to 50% of their salary, interest free, towards the purchase of a home or move to another property on assignment or as their family’s needs change.

The 3 year pilot scheme aims to improve the low rate of home ownership in the armed forces. However, the option of service accommodation is still available for the personnel who want to continue to use it.

The launch of FHTB marks a significant step forward in helping service personnel to get onto the property ladder.

A separate FHTB scheme specifically for those leaving service as part of Tranche 4 redundancies was announced in January this year. This will launch on 12 June 2014.

Who can use the scheme?

All regular personnel who:

• have completed the pre-requisite length of service
• have more than 6 months left to serve at the time they apply
• meet the right medical categories

However, there might be various exceptions to the standard rules, especially where there are extenuating medical and personal circumstances.

How much can be borrowed?

The FHTB scheme allows service personnel to borrow up to 50% of their annual salary, a maximum of £25,000. This can be used towards a deposit and other costs, for example the solicitors and estate agent’s fees.

How to get it?

Servicemen and servicewomen can apply for the loan online through the Joint Personnel Administration system and can seek advice on their application through their Chain of Command and personnel agency.

Interested in a Beal Home?

In recognition of the invaluable work our Armed Forces provide, Beal Homes are pleased to offer a Special 5% discount to all:

Royal Air Force

British Army

Royal Navy

Our discounts can be used in conjunction with the new FHTB scheme. To find out more visit our specialist discounts page or give us a call on 0800 612 1216.

We’ve also recently launched a brand new development which is a stone’s throw from RAF Waddington, where forces personnel will be able to take advantage of our fantastic special offers. Click here to find out more about Lakeside in Waddington.