So, your application is in, everything went manic and now it’s been quiet for what seems like an eternity. Here are some useful points for you to consider and hopefully put your mind at ease.
- Forces Help to Buy requires a 2-week drawn down with no flexibility. You need to be aware of these timescales to manage your stress levels and other expectations – it also helps for when you are booking the march out and removals!
- When your application is approved (generally at a real nail biting part in the process where you feel like you want to give up!) you will be asked to sign a promissory note. This is legal term for the acknowledgement of the loan and your intention to repay.
- If you are using a mortgage, as part of exchange of contracts you will be required to evidence the buildings insurance you have in place for the new property with the lenders interest noted on the policy. Get ahead of the game and arrange quotes for these ASAP. Forces Family Finance are able to shop around for you and get this essential information over to the solicitors allowing you to concentrate on the bigger things, like will your sofa fit through the front door?
- Your solicitor and mortgage adviser will make a recommendation to you as part of the home buying process to consider making a Will and reviewing your protection arrangements. If you haven’t got around to it yet, aren’t sure if the MOD Will covers everything that you require and quite frankly feeling a bit broke, then give us a call, we offer an exclusive military discount on our Will writing service and can offer you specialist advice on your life cover arrangement.
- Lastly, there have been some instances where the drawdown of funds can trigger a deduction in pay earlier than expected, resulting in you potentially having to fork out for the loan, mortgage and quarter charges all in one month! We would always advise for this reason you allow a contingency budget for this as it can be a bit of a shock and not a great start. If you don’t need it then treat yourself to take away on the night of the move and some new paint that isn’t magnolia!
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 firstname.lastname@example.org or give us a call on 0330 3322 614.
For more information about the scheme please refer to links below: