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| Description |
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The Armed Forces Home Ownership Scheme enables qualifying service personnel to purchase a property on the open market, suited to their needs up to a maximum value of £300,000, with a conventional mortgage and with help from the Homes & Communities Agency (HCA) in the form of an equity loan secured against the property as a Second Charge.
The HCA has an entitlement to a share of the future sale proceeds equal to the percentage contribution provided to assist buyers.
This enables eligible Service personnel to take out an affordable high street mortgage (minimum 50% and maximum 85% of the total purchase price when added to any deposit made by the buyer) on which they make repayments in the normal way. The rest of the purchase price will be paid for with a contribution from the HCA secured by a Second Charge. The maximum amount that the Second Charge can be is £75,000. |
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| Due to a change of format the England 2011 RSRs cannot be uploaded.
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