Tuesday, 5 August 2014

Forces Help To Buy Scheme (FHTB)

The Forces Help To Buy Scheme (FHTB), which was launched on 1 April 2014, enables Service personnel to borrow up to half their annual salary (up to a maximum of £25,000) to help purchase a property and several hundred Service personnel have so far taken advantage of the Scheme to get on the property ladder.
However, not all Mortgage lenders will currently accept applications from individuals who plan to make use of the FHTB Scheme and potential applicants are urged to make their Bank or Building Society aware of the FHTB before making a formal application. This is important, as refusal of a mortgage application can affect your credit rating.
Unfortunately, the Ministry of Defence is not permitted to publish the names of lenders who do or don't accept applications using the FHTB.
Finally, potential FHTB applicants are advised not to commit to ending tenancies, booking removals etc, before final confirmation of both FHTB loans and mortgages are received.