Forces help to buy supports nearly 7,000 military personnel
The government’s Forces Help to Buy scheme allows military personnel to borrow up to half of their salary towards buying their first home or moving up the property ladder. The latest figures show payment has been made to almost 7,000 applicants since the scheme began, with a further 2,000 approved and awaiting completion of purchases.
336 payments were made in April alone, with an average of around £15,200 paid out per claim over the last two years.
These figures mark the first monthly statistical release on the Forces Help to Buy scheme since they were launched in April.
Under the Armed Forces Covenant, the MOD is committed to making sure those who serve are treated fairly and that the nature of their careers does not prevent them from buying a home. The scheme has proved most popular with those between the ages of 20 and 39 and the vast majority of recipients are non-officers.
Senior Aircraftman Mark Reynolds received a £9,500 loan for his mortgage through the scheme, and purchased a three-bedroom, semi-detached home within a new estate in Downham Market, Norfolk.
SAC Reynolds said:
“This will be the first property I have owned. We rented property together beforehand and realised that we wanted to actually get onto the property ladder. One of my fellow colleagues had used the scheme and explained that he had found it useful, so with this in mind we decided to go ahead with it.
We would have really struggled with saving for the deposit if it wasn’t for this scheme. With this scheme the money will automatically come out of our wages and we won’t even need to worry about it. Owning our home is going to be a massive step forward for us. We have always wanted a place to call home and be able to tastefully decorate it to our style.
If you are even thinking about buying your own house and have the monthly funds for a mortgage available, then do it. Myself and my wife parted with very little money for the solicitor’s fees and were very surprised as to the ease of the application process.”
More stories from recipients can be found here.
The three-year scheme was designed to provide more support to personnel than its predecessor, the Long Service Advance of Pay, as it offers larger loans and is easier to apply for, particularly for those overseas.
Published: May 2016