The Forces Help to Buy scheme has been extended again, this time until the end of 2022.
Borrow up to 50% of salary interest free
The scheme enables servicemen and servicewomen to borrow up to 50% of their salary, interest free, to buy their first home or move to another property on assignment or as their families needs change.
Defence Secretary Ben Wallace announced on 22nd October 2019 that the Forces Help to Buy scheme will remain open to new applications from serving military personal and veterans until the end of 2022.
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.
According to the MOD the scheme has lent more than £280 million to more than 18,000 personnel since its 2014 introduction.
Johnny Mercer, Minister for Defence People and Veterans, said the extension is “fantastic news”.
“The scheme helps to provide stability for our Armed Forces personnel and families, as a thank you for their commitment to their Service for this country.”
FREE Forces Help to Buy guide
You can download our FREE Forces Help to Buy guide HERE.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE