From tomorrow 18 June 2014, we'll accept deposits funded by the Forces Help to Buy (FHTB) scheme. Below you'll find some details regarding the scheme, including our lending criteria and product range:
- The FHTB scheme helps UK Armed Forces personnel fund a deposit and replaces the Long Service Advance of Pay (LSAP) scheme.
- Eligible forces personnel can borrow up to 50% of their annual salary (up to a maximum of £25,000, whichever is lower) from the Ministry of Defence (MOD) on an interest free loan repayable over a maximum of ten years (depending on their remaining term of service).
- Once approved for the scheme, your client will receive a Personal Information Note (PIN) from the MOD, which you can submit as proof of their deposit.
- Our standard product range will be available for house purchase and remortgage applications where your client is using this scheme. Please note, the FHTB scheme cannot be used for Equity Share purchases.
- Standard lending criteria will apply, so please note we'll need 3 years UK address history for your client, and we can't accept BFPO addresses.