Forces Help to Buy
- Borrow up to 50% of your salary
This is subject to a maximum of £25,000 - Interest Free over 10 years or less
Repayments are taken from your pay in equal monthly instalments - Support in owning your own home
The FHTB scheme has been made available to service personnel now and in the future
Overview
The Forces Help to Buy Scheme (FHTB) is designed for first-time buyers or those needing to move to another property, either because they are assigned elsewhere or as a result of certain extenuating family or medical circumstances. Regular service personnel will be able to borrow 50% of their salary up to a maximum of £25,000.
The FHTB advance is interest free and recovered over 10 years or less from your pay. FHTB is intended to assist towards the balance of the purchase price (taking into account, for example, deposit, legal, surveyor’s, land registration and estate agent’s fees) when buying a property for which a mortgage lender (authorised by the FCA) is willing to advance a mortgage.
- Interest Free
- 10 year term or less
- Borrow up to 50% of your salary (max £25,000)
- Open to those in regular service
Eligibility
- You must have served for 2 years
- You must have more than 6 months service remaining when you apply
- The property you are buying is in the UK
- You are not a reservist or a member of the Military Provost Guard
- You have not drawn any terminal benefits
How to apply
You can apply for the FHTB scheme online through the Joint Personnel Administration system and can seek guidance on your application through your chain of command and personnel agency.
You will need to repay the loan before you can leave the service.
The Fee-Free Mortgage Advice Service, provided by Grange Mortgage & Protection Services Ltd, can help you find a mortgage with the FHTB scheme loan.
Important information you need to know
PMGI Limited, trading as Forces Mutual, has chosen Grange Mortgage & Protection Services Ltd to provide customers with a mortgage advice service. Grange Mortgage & Protection Services Ltd will provide you with independent mortgage advice and make a recommendation based on your circumstances and requirements. You will not receive advice or any recommendation from Forces Mutual.
If you take out a mortgage recommended by Grange Mortgage & Protection Services Ltd, PMGI Limited will receive a fee for the introduction which is a percentage based on the loan amount. We may also earn an additional fee based on performance of our account. If you wish to know the fee we receive please contact Grange Mortgages.
Grange Mortgages & Protection Services Ltd, is an Appointed Representative of PRIMIS Mortgage Network, a trading name of Advance Mortgage Funding Ltd. Advance Mortgage Funding Ltd is authorised and regulated by the Financial Conduct Authority.
Other mortgage intermediaries are available.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.