The Defence Secretary Michael Fallon has today announced that the government will extend its Forces Help to Buy scheme to 2018.
Mr Fallon made the announcement after it was confirmed that last year’s target to double the number of Service personnel application approvals to 10,000 had been met.
The Forces Help to Buy Scheme was initially launched in 2014, allowing members of the armed forces to borrow up to 50% of their salary interest free. The scheme provides a boost to those military personnel looking to buy their first home or move up the property ladder.
The scheme has proven most popular with non-officers, with 81% of payments made to other ranks.
Sir Michael Fallon said: “Our Armed Forces keep us safe and we have a duty to provide them with the support they deserve.
“Extending this scheme will mean more troops can give their families – the unsung heroes – the stability that many of us take for granted. This is part of our plan for a country that works for everyone.”
The Forces Right to Buy scheme extension is part of the Armed Forces Covenant –the government’s commitment to supporting members of the Armed Forces. This includes council tax relief to around £600 for a six-month deployment – 100 per cent of an average council tax bill over that period.
Earlier this week, the government made the decision to end the regular Help to Buy scheme at the end of 2016 following consultation with the Bank of England.
If you would like to read more articles like this then please click here