A Government scheme to help military personnel get on the property ladder has been extended until the end of 2022. The housing scheme allows military personnel to borrow an interest-free deposit of up to half their annual salary.
The Forces Help to Buy scheme has lent more than £280 million to more than 18,000 Armed Forces applicants since its introduction in 2014, according to the Ministry of Defence (MOD).
Defence Secretary Ben Wallace said the extension “demonstrates the value we put on our Armed Forces”.
The scheme allows military personnel to borrow an interest-free deposit of up to half their annual salary, but is only accessible to regular serving personnel. The loan, which has to be repaid over a 10 year period, is capped at £25,000. It can be used towards buying a home, building an extension or moving to another property because of work or “as their needs change”. It can also be used to cover other costs including solicitor and estate agents’ fees.
(October 22nd 2019, Forces Network News)