New home ownership scheme for members of the Armed Forces
The Armed Forces Home Ownership Scheme is a pilot scheme designed to help you buy a home to suit your needs, with some extra help to top up your mortgage. The scheme is designed specifically to provide assistance for qualifying Service personnel, to purchase a home best suited to their needs, on the open market.
If you are eligible, the scheme could lend between 15-50% of the value of the home that you chose on the open market, usually through an estate agent like any other buyer. For example, if you qualify for a mortgage of £70,000 and have a deposit of £10,000, you could potentially purchase a property worth up to £160,000.
To be eligible, you must have between 4-6 years continuous service and be unable to afford a suitable home on your own.