The main consideration we must have is to future proof against short-notice changes in your circumstances, things like postings. Some mortgage lenders are more open to allowing you to rent out your property whilst posted elsewhere, so if your job role entails plenty of moving then that has to be accounted for.
If you are in the armed forces you are generally able to apply for the Forces Help To Buy Scheme which would give up to a maximum of £25,000 towards the purchase of a property, depending on your pay level.
The scheme was launched in 2014 and was due to end on the 31st December 2022 but has now been made permanent which is great news. This money can be used toward your deposit, survey and legal fees and many other costs.
The scheme is intended to be used by military personnel who are first time buyers or those needing to move home. It cannot be used for buying a second home or a buy to let. However, in certain circumstances the money can be used for extending or modifying an existing property.
The loan is 0% interest and can be paid back over a 10-year period. Payments are made monthly with the option to overpay if required.
Ideally the loan is repaid during your remaining service time but if you need to leave the service you can continue to make payments. Bear in mind you may be asked to pay this government loan back if you have any type of resettlement grant.