What is the Scheme?
This is a Ministry of Defence (MoD) Scheme designed to help regular armed forces personnel onto the property ladder.
The Forces Help to Buy 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 family’s needs change.
The pilot scheme, which launched in April 2014 and has now been extended to 2018, aims to address the low rate of home ownership in the armed forces.
This Scheme allows service personnel to borrow up to 50% of their annual salary.
If eligible, the MoD will lend up to 50% of the serviceman’s or servicewoman’s salary (to a maximum of £25,000) to help pay a deposit on their first home. The loan is interest-free and has to be repaid to the MoD within ten years through salary deduction. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.
Forces Help to Buy cannot be used with any other government schemes.
If you need help or advice on the Forces Help to Buy Scheme or any other matter related to purchase or sale of a residential property, please contact Tricia on 01869 252244.