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Forces Help to Buy Scheme extended

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Michael Fallon, Defence Secretary, recently announced that the popular Forces Help to Buy Scheme, which was due to close in April this year, has been extended to 2018.  The news comes as Mr Fallon revealed that the Government target to double the number of service personnel application approvals to 10,000 has been met.

What is Forces Help to Buy?

Forces Help to Buy was launched in 2014 giving military personnel the opportunity to borrow up to 50% of their salary, or up to £25,000, interest free.  This can be used to go towards the cost of buying their first home, or if they need to move should their circumstances change.  The loan can be used for various payments, including a deposit, solicitors and estate agent fees.

Non-officers have taken most advantage of the scheme, with 81% of loans being made to other ranks. 

Forces Right to Buy

Also announced was the extension of the Forces Right to Buy scheme, which is part of the Armed Forces Covenant.  This scheme includes council tax relief to around £600 for a six-month deployment, which in most cases equates to 100% of an average council tax bill over that period.

“While the regular Help to Buy Scheme closed at the end of 2016, we’re delighted to see that the Forces Help to Buy has been extended,” explains Rachael Kennett, Residential Conveyancing Executive.  “Buying your own property when in the armed forces can be a tricky process to go through, but one that most are keen to do so they can move out of married quarters and provide their family with stability.  Forces Help to Buy has helped thousands of serving personnel achieve exactly that.”

As well as being able to benefit from Forces Help to Buy, military personnel can also take advantage of a 5% discount from the Residential Conveyancing team at Warner Goodman LLP.  To find out more about the Forces Help to Buy scheme, click here, or you can contact the team on 02392 776510 and quote 05.

ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.  All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.