This month the Government is extending the Help to Buy scheme for armed forces members. This will help many more of our service personnel make their first steps on the property ladder as a thank you for their commitment to our country.
The scheme allows military personnel to borrow a deposit for up to half of their annual salary, this is completely interest free and can be used towards buying a home, building an extension or moving to a new property. It can also be used to cover costs like solicitor and estate agent fees.
The scheme is open to all regular personnel who have completed the pre-requisite length of service, have more than 6 months left to serve at the time of application and meet the right medical categories. Servicemen and women can apply for the loan online through the Joint Personnel Administration system and can seek advice on their application through their Chain of Command and personnel agency. The JSHAO can also provide further advice.
The scheme will be running for at least three years, helping service personnel plan ahead, find the property of their dreams and begin the steps to make a full purchase.
So far the scheme has lent more than £280 million to over 18,000 armed forces applicants according to the MOD. I hope many more can take up the scheme.