5 common mistakes to avoid with Forces Help to Buy, which will save you time and stress!
- When applying on the JPA system, if you’re getting a mortgage as well, make sure you tick the box that says you require a PIN (personal information note) this will be used to support your application and saves delays later down the line.
- If you have owned a property before – make sure you have proof ready that you do not any more, this can avoid costly delays on the legal side.
- Forces Help to Buy is for a purchase and cannot be used retrospectively. The funds must be available for the solicitor before completion, so it is important that everything you are asked to do provide to the solicitor is done in a timely fashion. If the serving member is likely to away or out of comms during the process discuss this in advance with your mortgage broker and solicitor so they can plan around it as best as possible. At Evolution Forces Families we understand this happens all the time, so it’s one of the first things we ask when taking an application.
- Exchange and completion. It is common when you exchange contracts for a deposit to pass hands between you the buyer and the vendor (seller). It is therefore important that you have the means to support this and/or explain to parties involved that you are using the Forces Help to Buy scheme, as in most cases the funds are ready in time for the exchange date people want. This is important if your vendor is expecting, for example, £1000 as a down payment and the only method you have of paying this is via the scheme.
- Make sure you use a whole of market mortgage broker who understands the scheme fully, in addition to a solicitor who has experience with the scheme as well. Their knowledge and expertise will take the pressure off you at an already stressful time and assist the process in running smoothly, leaving you free to work out where you will put all of your kit and military memorabilia in the new place!
If you would like to see how Forces Family Finance could help you buy your house, or if you simply need some help and guidance, then please get in touch, email us customerservices@forcesfamilyfinance.co.uk or give us a call on 0330 3322 614.
For more information about the scheme please refer to the link below
https://www.gov.uk/guidance/forces-help-to-buy
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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