A government scheme to help Armed Forces families buy their own homes has been extended until the end of 2022.
Defence Secretary Ben Wallace announced today (22nd October 2019) that the Forces Help to Buy initiative will remain open to new applications until 2022.
The Forces Help to Buy scheme has lent over £280 million to over 18,000 Armed Forces applicants since its introduction in 2014. The Forces Help to Buy scheme was set up to provide more flexible support to personnel by offering a larger advance of salary to facilitate a home purchase.
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.
Defence Secretary Ben Wallace said:
‘The extension of this scheme demonstrates the value we put on our Armed Forces and means service personnel can continue to realise the ambition of owning their own home or borrowing to extend.
It has already proven very popular amongst the Armed Forces community and by extending it further we will be able to help many more service personnel make those first steps on the property ladder or expand their home to fit their family.’
Last month the MOD announced the official launch of the Future Accommodation Model (FAM) pilot, which was rolled out at HMNB Clyde. FAM will provide financial support to service personnel at HMNB Clyde who want to rent or buy a home within a 50 mile radius of the base, giving personnel more choice where and with whom they can live. The scheme forms a part of the Armed Forces Covenant, which is a promise from the nation that those who serve or who have served, and their families, are treated fairly and not disadvantaged.
The NFF are pleased to see that the Government have listened to feedback from Royal Navy and Royal Marines families.