Positive news for those who served in the military, as according to Army Families Federation Defence Secretary, Ben Wallace, the current Help to Buy scheme that was designed to help military personnel get onto the property ladder has had an extension!
Originally announced back in 2014, this £200 million scheme was created as a means to boost anyone from the forces who needed help purchasing a home. Though it was meant to end in December 2019, as a token of gratitude for their commitment to serving this country, the government has extended this until the end of December 2022.
Those who have served or are currently serving in the military have access to a borrowed deposit of up to half their annual salary (the maximum being £25,000), without any interest added on. This amount can then be used to either purchase their first property or to move into a new property.
What makes this so great, is that this means you don’t need any current savings to get onto the property ladder. Some of the money raised from the loan you’ll receive via the scheme can also be put towards other costs, such as:
Most lenders will accept the loan towards the deposit for a new home. In a better deal than other schemes, the Forces Help to Buy loan can be paid back over a period of 10 years, meaning you’re less stressed and don’t feel rushed.
No matter where you thought you stood in regard to the property ladder, if you have served your country and can meet the right criteria (length served, service term left and medical categories), you are eligible to purchase your home using this government scheme.
Click here to read through more information from the government website.
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Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.