Forces Help to Buy Scheme

Forces Help to Buy Scheme (FHTB)

The FHTB was launched in April 2014 as a three year pilot scheme but will cease at the end of December2022.

FHTB Scheme can enable you to get onto the property ladder without any money previously saved.

How Does The Forces Help To Buy Scheme Work?

FHTB allows service personnel to borrow by way of an advance of salary, the equivalent of half their annual salary – before tax – up to a maximum of £25,000.

The loan is intended to assist towards the balance of the purchase price of the home (taking into account, for example, deposit, legal, surveyors, land registration and estate agent fees).

The amount you pay back will depend on how much you borrow. But your loan amount is divided over ten years and you pay back that amount monthly (you can choose to make overpayments).

You will pay 0% interest on the loan. However, you will pay a small amount of insurance each month to protect the loan.

Insurance cost will work out at around £6 – £7 each month depending on how much you borrow.

You can opt to start making the loan re-payments straight away, six months after receiving it, or in your final ten years of service.

The FHTB scheme 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 medical circumstances.

Most major mortgage lenders accept the FHTB loan to be used as the deposit for your intended new home.

Property for which FHTB has been claimed must be intended for the service person’s own immediate occupation, or that of their immediate family. An exception to this applies to those in overseas postings at the time of application and purchase.

To be eligible, personnel must fulfil the following criteria:

They must be in regular service.

Those serving in the Royal Navy must have been accepted onto trained strength.

Speak with one of our experts about Forces Help to Buy Scheme

Speak to our expert brokers on all types of mortgages, remortgages, even if you have bad credit. One of our expert brokers will be able to review your current situation and advise on the best way of moving forward with our knowledge and access to over 100 lenders. The initial advice is free, there is only a cost if you proceed with a mortgage.

Why use a mortgage broker for a Forces Help to Buy Scheme?

Mortgage brokers can help you find the best deals on the market – not just from one lender. With a broker you’ll get:

  • Valuable knowledge, through years of experience helping customers to find mortgages
  • An improved chance at finding a mortgage, some mortgages are only available through a broker
  • Help with the application process, as usually just one application can be used across various lenders
  • Advice on how to improve your chances, for instance getting a guarantor or applying for a joint mortgage

About Clever Mortgages

We specialise in assessing an individual’s situation, and finding the right mortgage solution for them. We can help:

  • With remortgages, buy-to-let, and first-time buyers mortgages. We have experts who cover these areas
  • Even if you’ve got bad credit – we help people every day with a variety of credit histories to find the right mortgage
  • With applications, as we’ll take the hassle away. We require your details once and we’ll know the best lenders for your circumstance
  • Our team know the lenders that are most likely to say ‘yes’, and give you the best rates

What should I do next?

  • You enquire online with us today or request a call back
    Our simple form takes a couple of minutes to fill in, this gets the ball rolling
  • One of our experts will give you a call to find out more about your situation
    We have experts in remortgaging, who focus solely on helping customers save money
  • We do all the hard work for you
    We search the market for the trusted lender that’s right for you
  • Our expert will get back in touch
    We can guide you every step of the way, and we’ll always keep you up-to-date with progress
Meet the team

Ashleigh Bottomley

Ashleigh is one of our Front Line team ready to answer your mortgage questions.

Call Ashleigh on: 0800 197 0504