To qualify for the Armed forces Home Ownership Scheme (AFHOS), you needed to have had between 4 and 6 continuous years service in the military. It was only available in England, and you had to be unable to afford a suitable home without aid.
This was only a pilot scheme which had limited funding, and the official website at afhos.co.uk now states that “Please note funding for the Armed Forces Home Ownership Scheme (pilot) has now been fully utilised which means the scheme has now closed and is no longer accepting any new applications.”
The scheme aimed to aid potential home buyers who had served in the armed forces with an equity loan worth 15-50% of the property value. The remaining 50% to 85 % came from savings, a deposit and a mortgage.
Since the Help to Buy Equity Loan and the Help to Buy Mortgage Guarantee became available, the available funds for AFHOS were limited, and have now run out. Both the Help to Buy Schemes now offer an arguably better deal for first time buyers.
As always, contacting your local HomeBuy Agent is the best way to work out your eligibility and to see if there are any available schemes that can help you out.
