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 devised to help military personnel get onto the property ladder.
Originally introduced back in 2014, this £200 million scheme was intended to boost anyone from the forces who needed help buying a home. The project was meant to end in December 2019. As a thank you to everyone’s commitment to their Queen and 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), interest-free. This can be used to either purchase their first home purchase or to move into a new home.
The most satisfying part is that you don’t need any current savings to get onto the property ladder. The money gets raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as:
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In fantastic news for forces personnel, a large majority of lenders 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 10 years, so you don’t have to feel rushed.
Whether you thought you had a chance or not, you are eligible to purchase your home using this scheme, only if you have served your country and can meet the right criteria (length served, service term left and medical categories).
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.