Life in Armed Forces accommodation can grow tiresome but it can be difficult for Services personnel to get a foot on the property ladder. The Armed Forces Home Ownership Scheme (AFHOS) helps personnel with between 4 and 6 years of Service to break into housing market by providing them with a loan to cover part of the cost of buying house.
In order to qualify for the scheme, members of the Armed Forces must obtain a high street mortgage and will need to show that they can fund the deposit and legal costs associated with buying a home. If the aspiring homeowners satisfy the necessary criteria, the Homes and Communities Agency (HCA) will provide a loan between 15 and 50% of the property price on properties costing up to £300,000. For as long as individuals remain in the Armed Forces this loan will be interest free and is can be repaid in monthly instalments following retirement or redundancy, or from the proceeds of a sale should the applicant later wish to sell the home.
AFHOS also gives personnel the opportunity to rent or sublet their home during long periods stationed abroad which can provide a welcome source of income.
Places on the scheme are limited, so if you are a member of the Armed Forces interested in AFHOS you should look to get your application in early.
Help with LSAP and AFHOS
Whether you’re looking to buy a property using a Long Service Advance of Pay loan or the Armed Forces Home Ownership Scheme, we can help with the legal side – most solicitors don’t understand these schemes. We regularly deal with the military – and we do.
Email us at email@example.com or call us on 01722 422300 today.