The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% of their salary, interest free, to buy their first home or move to another property on assignment or as their family’s needs change.
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.
It is recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.
How much can be borrowed under the scheme?
This scheme allows service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.
How to apply:
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. Forces Help To Buy can be used in conjunction with the Hayfield Armed Forces Discount Scheme, please ask a Hayfield Sales Advisor for details.