There are 2 schemes to support you when buying a property:
Helping you save (first time buyers). A
Lifetime ISA is a great way to boost your deposit. This gives you the opportunity to get an extra 25% on the money you put into the Lifetime ISA, up to a maximum of £1,000 per tax year. Therefore, if you're buying in the 3 years time, you could have an extra £3,000 added to the money you've saved (plus any interest the account offers). If you are buying with someone, and it is also their first property, they can also use the LISA bonus, so you have the potential to double the bonus provided. You have the
cash LISA or the
stocks and shares LISA option - a
cash LISA is the
safer option if you're saving for a property, particularly if you plan to buy in less than 5 years. More details are on the
Lifetime ISA section.
Helping you buy. The
Forces Help to Buy (FHTB) scheme provides support to first-time buyers, buying due to re-assignment, or extenuating family or medical reasons. In outline:
- Borrow up to 50% of your salary, to a maximum of £25,000.
- The loan is interest free.
- The period of the loan is 10 years or less (it must be repaid before you leave service).
- You must haver served for 2 years or more.
- The property must be in the UK.
- You have more than 6 months service remaining.
- You have not drawn any terminal benefits.
- You are in the Regular Forces (not available for Reservists or Military Provost Guard Services).
- You can apply through the Joint Personnel Administration (JPA) system.
- Discuss with your chain of command for advice to assist you with the process.