It’s great news for those who served in the military and are looking to get on the property ladder. According to Army Families Federation Defence Secretary, Ben Wallace, the current Help to Buy scheme that was designed to assist military personnel in finding a property, has had an extension!
A scheme that was originally announced back in 2014, the £200 million Forces Help to Buy Scheme was created as a means to give a push to anyone from the forces who are in need of help purchasing a home. Though it was initially meant to end in December 2019, to thank them for their commitment to serving this country, the government has extended the scheme until the end of December 2022.
Personnel who have served or are currently serving in the military are able to borrow deposit of up to half their annual salary (the maximum being £25,000), without any additional interest. The amount granted can then be used to either purchase their first property or to buy a new home and move into that property.
What makes this such a great tool for military personnel, is that this means you don’t need any current savings to purchase a home. A portion of the money raised from the loan you’ll receive via the scheme can also be put towards additional costs, such as:
The majority of lenders will accept the loan towards the deposit for a new home. Forces Help to Buy loan can be paid back over a period of 10 years, making it significantly more appealing than other schemes and meaning you’re less stressed and don’t feel rushed.
If you have served the in the military and and can meet the right criteria (length served, service term left and medical categories), you will pass eligibility to purchase your home using this scheme.
Click here to read through more information from the government.
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IMPORTANT: the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.