Good news for military personnel, according to Army Families Federation Defence Secretary, Ben Wallace. There has been an extension on the current Help to Buy scheme that was designed to help military personnel get onto the property ladder.
Originally introduced back in 2014, this £200 million scheme was intended to offer a boost to anyone from the forces who needed help buying a home. Though it was meant to end in December 2019, to thank them for their commitment to their service and dedication to this country, the government has extended this until the end of 2022.
People who have served in the military have access to borrow a deposit of up to half their annual salary (a maximum of £25,000), without any interest applied. This can be used to either purchase their first home or to move into a new family home.
The best part is that you don’t need any current savings to get yourself onto the property ladder. Some of the money raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as:
In fantastic news for forces personnel, the majority of lender will accept the loan towards the deposit for a new home. More relaxed than some other schemes, the Forces Help to Buy loan can be paid back over a period of 10 years, so you don’t have to feel as rushed.
Whether you thought you had a chance or not, if you have served your country and can meet the right criteria (length served, service term left and medical categories), you will be eligible to purchase your home using this scheme.
Click here to read through further details from the government.
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Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.