**** Update: It has now been extended for a further three years – until the end of 2022. Please visit this page for more information. ****
A government scheme to help military families buy their own homes has been extended until the end of 2019.
Defence Secretary Gavin Williamson announced yesterday (3rd December 2018) that the Forces Help to Buy initiative will remain open to new applications until 31st December 2019.
The scheme, established in April 2014, aims to address the low rate of home ownership in the Armed Forces by making it easier to take the first step onto the housing ladder, move to another property on assignment or make alterations to an existing home as family needs change.
Serving personnel who meet the criteria can borrow up to half of their annual salary, interest free – up to a maximum of £25,000 – to pay towards a deposit and other costs such as solicitor’s or estate agent’s fees.
More than 16,000 applicants have benefited from the scheme so far.
Following the announcement of this extension, Mr Williamson said:
“Everyone dreams of owning their own home, and this hugely popular scheme has already helped thousands of Service personnel realise that dream.
“By extending the scheme by a further year I really hope we can help many more first-time buyers, families and married couples get a foot on the property ladder.’’
Anna Wright, CEO of the Naval Families Federation, said:
“We were absolutely delighted to hear about the extension to this popular scheme.
“Our research shows that there is a strong aspiration to be a home owner amongst Royal Navy and Royal Marines personnel and their families. Having this option offers families more choice about where they live. They may choose to be close to a spouse’s employment or to particular schools.”
If you would like to know more about this scheme and your eligibility, please visit this link here. To read more about the Future Accommodation Model (FAM), which is the MOD’s housing pilot for serving personnel, visit here.
The Naval Families Federation welcomes your views on FHtB and FAM. Please do contact us.