The Armed Forces Help to Buy programme, which helps defence personnel get on the property ladder, has been extended by three years.
Since it was introduced in 2014 the Armed Forces Help to Buy initiative has lent over £280million, helping over 18,000 defence personnel navigate the housing market. The programme has received positive feedback and is being extended by three years.
The programme allows armed forces personnel to borrow up to half of their salary without interest for moving house, buying a home, or extending their current property. The loan can be repaid over ten years and used for costs such as agents’ fees or deposits.
Ben Wallace, Defence Secretary, 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.”
“It has already proven very popular amongst the Armed Forces community and by extending it further we will be able to help many more service personnel make those first steps on the property ladder or expand their home to fit their family.”
The MOD also sub-lets some surplus vacant houses to the general public to generate income through short-term lets on the private market. The properties are rented at market rates and are available at 60 sites.
Recently, the MOD announced the launch of the Future Accommodation Model (FAM) at HMNB Clyde. The programme will allow HMNB Clyde personnel to access financial support to buy homes within 50 miles of the base, providing them with more choices of where to they can live and travel from.
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