The end of the year still seems like a long time away but homebuyers should note that realistically, if you aren’t in your new home by then, you’ll probably need to wait until the market wakes up again in the spring of next year. If that wasn’t enough, Service personnel aiming to use the Forces Help to Buy scheme (FHTB) should also note that it’s due to close at the end of December 2018.
Let’s say that it takes around eight weeks-plus, to complete the purchasing process, with just 60 days to go before deadline, it’s time you made a start!
Forces Help to Buy was introduced in 2014 as a £200 million scheme to help Service personnel get on the property ladder. The latest ﬁgures show that since that time around £215 million has been spent and is a testament to its popularity.
Forces Help to Buy has been a huge success and while it has already been extended beyond its original planned closure date, there are no guarantees (as we go to press) that it will again. The fact is that because it’s backed by the MoD, its success means that it has cost more public money than originally planned. By the same token, that success is something that the MoD might want to proudly continue with, so who knows what’ll happen? Best advice has to be to act now to avoid disappointment.
About Forces Help To Buy
The FHTB scheme allows Service personnel to borrow an interest-free advance of up to 50% of their salary (to a limit of £25,000), which they can use towards a deposit on a property. This is then paid back over 10 years through their monthly salary.
Another option… Shared Ownership
Shared ownership is designed to make that ﬁrst step of getting onto the property ladder possible by enabling an initial purchase for part of the home. While repaying a manageable monthly mortgage amount for part of your property – usually between 25%-75% – you continue to pay rent on the rest. The aim is to purchase the remaining shares over time, eventually owning 100% of your home.
Service personnel aiming to use the Forces Help to Buy scheme (FHTB) should also note that it’s due to close at the end of December 2018.