When Does the Armed Forces Help to Buy Scheme End?
The scheme was established in 2014 and was brought out to fix the low rate of homeownership among service men and women. This scheme made it easier for personnel to get on the property ladder and buy their first home.
At the time of writing this article there is just shy of three months remaining of this scheme (Oct 2019) we are receiving a lot of enquiries, especially from the military bases in and around Salisbury area where we have one of our three offices.
Is it too late to benefit from this scheme?
You may have been waiting to take advantage of this scheme and now you are within the acceptable guidelines eg you have served for over two years or past the strength test with the Navy but is it to late to apply.
The average house purchase takes 3 months, although the forces help to buy itself requires a two week draw down period after approval with no flexibility. If you get your application in before the cut of date you will be able to still benefit from the scheme and buy your first home.
How can St Barts Mortgage advisors help you?
We understand the nature of forces help to buy and have built up a wealth of knowledge about lenders that accept this type of deposit along with lenders who understand the time sensitive nature of the drawdown process.
Working with a mortgage broker that understands armed forces help to buy scheme is crucial in its closing months. This scheme has already been extended once and there are no plans to extend it further.
St Barts Finance offers financial advice nationwide to armed forces personal. We can arrange an appointment at a time to suit you either over the phone or in one of the three offices across the south coast.