Using the scheme personnel can take out a loan of up to £25,000 via the Ministry Of Defence or 50% of their salary, whichever is lower, on an interest-free repayment basis for up to 10 years.
More than £100m of loans have been issued with the government’s Forces Help to Buy scheme two years from its launch.
Using the scheme personnel can take out a loan of up to £25,000 via the Ministry Of Defence or 50% of their salary, whichever is lower, on an interest-free repayment basis for up to 10 years.
More than 8,600 service personnel have used the scheme since its launch in April 2014.
Defence secretary Michael Fallon said: “This scheme has helped thousands of service families to enjoy the stability and security of owning their home. It is part of our commitment to them, in return for the immense commitment they make to us.
“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.”
