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Forces Help To Buy For Squaddies

UPDATE: From the 1st January 2023 this scheme becomes an enduring policy, meaning it is here to stay and people can continue to apply for it for the foreseeable future.

The forces help to buy (FHTB) scheme helps serving personnel to get onto the property ladder by means of an interest free loan. In this video, I talk about the key points about the scheme and answer as many of the questions as I can that you all may have when it comes to repaying the forces help to buy loan, what happens when you leave and still have an outstanding balance, how to apply for it, when you pay interest on it, if you pay tax on it and much more.


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


Sources:

JSP 464, Part 1, Page 138 to 156 - https://www.gov.uk/government/publica...

Forces Help To Buy - https://www.gov.uk/guidance/forces-he...

HMRC Interest Rates - https://www.gov.uk/government/publica...

Income Tax Rates - https://www.gov.uk/income-tax-rates
Beneficial Loan Tax Discussion - https://forums.moneysavingexpert.com/...


DISCLAIMER:
I am not a professional financial advisor and this video is not financial advice. Please do your own research before making any decisions with your money and seek professional financial advice if need be.