Nearly 30,000 service men and women have been helped to buy their
own home thanks to a life-changing government support scheme
celebrating its 10th anniversary.
The Ministry of Defence's Forces Help to Buy scheme has provided
more than £450 million in financial support and helped 29,400
service personnel onto the housing ladder since launching in
April 2014.
More than 5,000 service men and women are expected to take
advantage of the scheme this year, which would be the highest
annual figure since the launch.
The scheme offers interest-free loans of up to 50% of an
individual's annual salary, with a maximum limit of
£25,000.
Defence Secretary ,
said:
Getting onto the housing ladder is an aspiration for so many
people across the country and through Forces Help to Buy, we've
been able to make that dream a reality for thousands of service
families.
These incredible men and women sacrifice so much in service of
their country and I'm proud we've helped over 30,000 of them take
the life-changing step onto the housing ladder over the past
decade.
I look forward to supporting many more in the years to come.
By helping service personnel secure a permanent residence for
them and their families, the scheme also supports spouses to
develop their own careers and ensure their children have a stable
start in life.
The Forces Help to Buy Scheme is open to regular personnel and
the loans can be used towards the deposit, legal fees, and other
costs associated with buying a property.
Staff Sergeant Sean Hanlon said:
After renting locally we wanted to put down roots to allow my
partner Nicola to concentrate on her own career. Forces Help to
Buy provided the financial aid and support we needed to ensure we
had the home we desired.
The best part about having our house is it's ours. Having
somewhere for Nicola and our dog Reggie knowing they are settled
and happy is important for a good work life balance.
The scheme started as a pilot and was made permanent at the
beginning of 2023 as a commitment in the Defence Accommodation
Strategy.
For more information about the Forces Help to Buy scheme, please
visit Gov.uk.
