Armed Forces Home Ownership Scheme (AFHOS)?

Discussion in 'Army Pay, Claims & JPA' started by hackle, Apr 1, 2010.

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  1. BAFF welcomed the Armed Forces Home Ownership Scheme (AFHOS) when it was introduced, and now we'd be interested to hear of your experiences with it so far.

    (my bold)

    Assuming that you met the Qualifying Criteria (LINK), were you successful in obtaining a loan -

    or was the scheme over-subscribed at the time when you made enquiries?

    Replies in this thread if possible please, or PM me, or register free as a 'BAFF Military Supporter' then use the contact form on the BAFF website.
  2. I'd be interested whether you get anyone who actually applied. They chose such a limited sub-set of what was possible.
  3. Thanks for message received - the scheme DOES seem to be currently oversubscribed, according to this informant. If true, this would seem to favour those who are in a long-term posting and can afford to wait until funds are available.

    Not so great for those who are often away on tour.

    And bump...
  4. How many people in the 4-6 year service bracket can actually afford a mortgage, even with help and discounts? More, how many of them even think about buying a house?

    Now if they were to extend it to my bracket, I'd be interested.
  5. Fair point, Legs. There are some who could benefit, but only a minority.

    If the fund really is over-subscribed, as seems to be the case, there must be some who are using it successfully.

    The scheme is supposed to be a 'pilot' and on that basis we welcomed it, as hopefully a precursor for a larger scheme which would not exclude those with more than 6 yrs service.
  6. I have just been accepted onto the scheme. So far so good, all I have had is a positive experience from all involved. I only hope that the cash continues to come in to allow more people to benefit. If anyone has specific questions please feel free to get in touch.
  7. I take the point about it being a pilot scheme, but if it is limited to people in a 2 year slot (within a say 22yr career) and it's over subscribed, how many places were available?
  8. in_the_cheapseats

    in_the_cheapseats LE Moderator

    In these days of tightening budget, what is your assessment of the chance of this being run out and what time scale is being mentioned?

    Sorry to sound cynical, Hackle, but personally I don't give this scheme a rats chance in a dog pit to go forward.

    It must class as a nice to have rather than an urgent need.
  9. Indeed - but the pilot scheme was only launched at the end of January this year, when the recession had already struck. Whatever political party is in power I say either do this sort of thing properly, or dont go issuing press releases and dont waste the time of serving personnel with schemes which help virtually no-one.
  10. in_the_cheapseats

    in_the_cheapseats LE Moderator

  11. Seems a bit strange that its aimed at those who have done more than 4 but less than 6 years service to help them buy a property up to £300k. Are these numbers plucked out of thin air?
  12. Well on my guestimate there was £3 Million available on the first tranche. With an average of £75,000 being given in support that means in the first batch 40 Service personnel have been helped.

    I think the first batch of money is almost spent, further releases will be made in the Autumn. Not sure when, but at the moment I think there is another £3 Million available.

    Granted this is a nice to have, but it is better than nothing. Another solution would be to bring LSAP into line with the 21st Century and actually make it a grant worth something in the housing market, something that would make a significant contribution to a soldier wishing to purchase a house. Anything less than £30K would be insufficient. Chances though alas are minimal.
  13. in_the_cheapseats

    in_the_cheapseats LE Moderator


    Without being rude I can't accept your figures without simply smiling. A Tri-service initiative with a suggested 40 folk out of a strength of 200000 being helped? Well, bugger me, that's just great!!

    Until I see some figures that indicate differently, then I'm going to say that this look like a token effort to satisfy someone like Brown being able to bluff his way through a PMQ. "Marvellous new initiative etc etc" I can hear the sod now...... :x

    Better than nothing you say. Perhaps but a lolly pop is better than nothing.

    I'd prefer that the money be spent on something worthwhile. There are enough areas of military spend that could do with it.
  14. Wouldn't it be put to much better use paying legal fees for a wider audience??
  15. Trouble is that if you are looking for a house, you dont want to have to wait 6 months or whatever until your potential lender happens to have a tranche of money coming through.

    This is particularly so if you are actually looking for a house to live in, but not so much a problem if you are in a long posting somewhere or just looking for a buy-to-let, in which case you can afford to wait until funds come through.

    I realise that the mortgage market is by no means normal at present. But if your potential lender tells you they have nothing until the autumn, you are going to look for another lender.

    This scheme seems to benefit a very specific group - who have done more than 4 but less than 6 years service - so are likely to be officers - and especially those officers who can afford to wait and then do their property hunting when they know that a tranche of money is coming through. Not much use if you have just returned from tour or have another tour coming up.

    It would be interesting to know what the takeup has been, broken down between the 3 services, as this situation seems to favour certain RAF trades the most.