📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Buying a house - AFHOS

Hello,

Has anyone used or have any info about the pilot Armed Forces Home Ownership Scheme?

We have applied & are in the process of gathering info for a financial assessment before we see if we are approved.

We're curious to know what others' experiences have been and whether it could 'back fire' on us later. Assistance is provided in the form of a 2nd charge on the property, and interest is free while serving. Once we are out of the army interest rates will slowly increase and will peak at 2% above the Royal Bank of Scotland rate. Does this sound reasonable?

If you put AFHOS into google the website comes straight up with more info.

Thanks

Comments

  • theerroll
    theerroll Posts: 55 Forumite
    I am also looking at doing this!
    How has the process been so far for you?
    I have figured that if you stay in for as long as you would have saved for then the interest saved would outweigh or be more than the money saved over the period of time.
    Unless you were putting half your pay away every year!
  • I haven't used that same scheme but we went through the government first buy scheme and had no problems at all with the whole process. We used lsap towards the deposit and were told if u are eligible for lsap then your eligible for the first buy scheme as they use the same application process. We went through orbit
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.