Good news for anybody working in the military, according to Ben Wallace, the Army Families Federation Defence Secretary. The Help to Buy scheme that was designed to help military personnel find themselves a home to own, has now been extended.
When it was introduced back in 2014, the intention of this £200 million scheme was to provide a financial boost to anyone from the forces who needed help buying a home. The scheme was initially intended to end back during December 2019, as a thank you for their commitment to their service and dedication to the United Kingdom, the government has opted to carry this on until the end of 2022.
Those with military experience will have access to borrow a deposit of up to half their annual salary (a maximum of £25,000), without the application of any interest on this. They are able to use this for either a first home purchase, to move into a new home, or remortgage for any planned home improvements, such as an upgraded kitchen, a conservatory, a new office, or more.
One of the more appealing parts of this is that you won’t need any current savings to start the process on what you’re looking to do on the property market. Some of the money raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as:
Something that is fantastic for forces personnel, is that the majority of lender will accept the loan towards the deposit for a new home. A scheme that is more relaxed than some of the others, the Forces Help to Buy loan can be paid back over a period of 10 years, so you’re in no rush to pay it back.
No matter whether you have thought about the property owning route or not, if you have served your country in any form of military, you are eligible to purchase your home using this scheme.
Click here to read through the details on this from the Government.
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Please remember, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.