Tuesday 22nd October 2019
The scheme that allows military personnel to borrow an interest-free deposit of up to half their annual salary has been extended to the end of 2022.
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.
Johnny Mercer, Minister for Defence People and Veterans, said the extension is “fantastic news”.
The scheme was originally due to end December 2019.
Source and imagery: Forces.net
Information on how to use Forces Help to Buy can be found on GOV.UK