Regular Armed Forces personnel can benefit from a £200 million scheme to help them get on 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. This loan can be used independently or in conjunction with the Help to Buy scheme.
The pilot scheme, which will run for 3 years, aims to address the low rate of home ownership in the Armed Forces. However, this isn't about forcing people out of service accommodation. That option will still be there for Armed Forces personnel who want to continue to use it.
All regular personnel who:
However, it is recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.
This scheme allows Service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor's and estate agent's fees.
Servicemen and Servicewomen 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.