Forces Help to Buy Scheme (FHTB)
By its very nature, military life tends to be nomadic. For many service people and their families, getting out of Forces accommodation and into your own home is the ultimate dream; but getting the money together for a deposit, legal fees, removal costs and other expenses can be a struggle.
Under the Long Service Advance of Pay (LSAP) scheme, you could get an interest-free loan of up to £8,500 to put towards a house purchase. In April 2014, this was replaced by Forces Help to Buy (FHTB), which allows you to borrow up to 50% of your annual salary, to a maximum of £25,000.
At Forces Law, we can help you apply for a new loan through FHTB, or to extend your existing LSAP funding up to the new limit. Then, once you’ve found your perfect property, we’ll take care of the practical legal details.
These can be more complex under FHTB than for everyday civilian house purchases, but we have lawyers with specialist knowledge of both schemes, as well as personal experience of serving in the Armed Forces. From conducting searches , through drawing up and exchanging contracts to completion, we’ll handle the whole conveyancing process for you, and help make getting the keys to a home of your own a reality.
For more information about buying a house, with or without FHTB funding, please contact us on 0845 601 1260 or email email@example.com You can find more details about the scheme on the government website at www.gov.uk/forces-help-to-buy