Good news, according to Army Families Federation Defence Secretary, Ben Wallace, the current Help to Buy scheme that helps aid military personnel to get their foot onto the property ladder, has been extended for a further three years.
The £200 million scheme got introduced back in 2014 to offer a large salary to help armed forces achieve their property goals.
Originally this scheme was meant to end in December 2019, however, as a thank you for their commitment to their service for this country it has now been extended to the end of 2022.
Any military personnel can borrow a deposit of up to half their annual salary (a maximum of £25,000) interest-free, to purchase their first home or to move into a new family home.
Here comes the best bit; 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 pay towards your deposit or other costs, such as:
Most Lenders will accept the loan towards the deposit for a new home which is fantastic news for forces personnel.
The loan can get paid back over 10 years, so there’s no rush paying it back asap. If you are military personnel, thanks to the Forces Help to Buy loan; if you can can meet the right criteria (length served, service term left and medical categories), you are eligible to purchase your home using Armed Forces Help to Buy Scheme.
For more information, click here to get diverted to the government site.
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Please note, Forces Help to Buy is not the same as the standard UK Help to Buy Scheme.