Timecodes: 0:00 Intro 0:26 What is the forces help to buy scheme? 1:50 Am I eligible for the forces help to buy scheme? 2:13 How much can I get from the forces help to buy scheme? 2:34 How to repay the forces help to buy loan? 3:22 Repaying the forces help to buy loan if you leave before it is all paid back. 3:55 Repaying the forces help to buy loan from your final salary. 4:16 Forces help to buy scheme and early termination. 4:54 Can I do full or partial extra payments with the forces help to buy loan? 4:59 Can I remortgage my property to pay off the forces help to buy loan? 5:11 Can I repay the forces help to buy loan monthly after I leave the military? 5:53 Do I pay tax on the forces help to buy loan? 7:19 Do I pay interest on the forces help to buy loan? 8:38 How can I apply for the forces help to buy scheme? 9:12 Can I use the forces help to buy loan to extend or improve my current property? 9:27 Is the forces help to buy scheme good? 10:09 Outro
When you are ready to buy a house the application form is on the self-service portion of JPA. But just bear in mind that the scheme ends December this year. But don't go rushing into buying a house just because of this scheme.
You won't be able to rent it out straight away. When using the FHTB, it must be for your permanent residence. There is scope to rent the property out afterwards if you get posted but you need permission from your CO to be able to rent it out. I know someone who used the FHTB and rented the house out straight away, he was found out and initially was told he had a week to pay back the remaineder of the loan but then it changed to where the loan was converted to crown debt instead which then included interest payments. So, yes you can rent out your house if you use the FHTB but not straight away and you will need permission from your CO. Not worth getting caught out.
@thesavvysquaddie is there any work around with regards to renting out straight away due to serving overseas? We plan to use this but are not home until 2025 to which we plan to move in to our potential new home as the next part of my career will be near a Station I plan to work from.
I can't find anywhere it states it but as a guess I would imagine it comes out of net pay. Doesn't make sense for what is a loan to come out of gross pay and then act as a slight tax deduction.
IMPORTANT UPDATE: From the 1st January 2023, the scheme will become an enduring policy, meaning it is here to stay for the foreseeable future.
We’ve just submitted the application after watching your video last week - very informative! Cheers Savvy! 😉
Amazing and congrats. Happy it helped you.
beautiful voice and vital information. God always bless and protect you. 🙏 🙌 ✨️ ♥️ amen 🙏
Thank you for the kind words
Great channel would love to see a up to date afcs video 👍
Thank you. That's a great idea, I'll add that to my list of future videos, cheers.
Don't understand why this isn't open to FTRS
Timecodes:
0:00 Intro
0:26 What is the forces help to buy scheme?
1:50 Am I eligible for the forces help to buy scheme?
2:13 How much can I get from the forces help to buy scheme?
2:34 How to repay the forces help to buy loan?
3:22 Repaying the forces help to buy loan if you leave before it is all paid back.
3:55 Repaying the forces help to buy loan from your final salary.
4:16 Forces help to buy scheme and early termination.
4:54 Can I do full or partial extra payments with the forces help to buy loan?
4:59 Can I remortgage my property to pay off the forces help to buy loan?
5:11 Can I repay the forces help to buy loan monthly after I leave the military?
5:53 Do I pay tax on the forces help to buy loan?
7:19 Do I pay interest on the forces help to buy loan?
8:38 How can I apply for the forces help to buy scheme?
9:12 Can I use the forces help to buy loan to extend or improve my current property?
9:27 Is the forces help to buy scheme good?
10:09 Outro
Am really interested in using it but not ready to buy a house this year how do I go about it?? Thanks
When you are ready to buy a house the application form is on the self-service portion of JPA. But just bear in mind that the scheme ends December this year. But don't go rushing into buying a house just because of this scheme.
I'm planning to use the scheme in conjunction with my LISA. Is there any point where the property can be rented out?
You won't be able to rent it out straight away. When using the FHTB, it must be for your permanent residence. There is scope to rent the property out afterwards if you get posted but you need permission from your CO to be able to rent it out. I know someone who used the FHTB and rented the house out straight away, he was found out and initially was told he had a week to pay back the remaineder of the loan but then it changed to where the loan was converted to crown debt instead which then included interest payments. So, yes you can rent out your house if you use the FHTB but not straight away and you will need permission from your CO. Not worth getting caught out.
@@thesavvysquaddie Thank you mate, I appreciate the info!
@thesavvysquaddie is there any work around with regards to renting out straight away due to serving overseas? We plan to use this but are not home until 2025 to which we plan to move in to our potential new home as the next part of my career will be near a Station I plan to work from.
Once the FHTB loan is paid off, are we meant to pay any more money if the property value increases?
No, once it's paid off then that's it nipped. No need to pay any extra just because the house increases in value.
Are the 10% monthly repayments coming from gross salary or net salary
I can't find anywhere it states it but as a guess I would imagine it comes out of net pay. Doesn't make sense for what is a loan to come out of gross pay and then act as a slight tax deduction.