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Thursday, 26 April 2018

Forces Help to Buy - Scheme Ends This Year

What is the Forces Help to Buy Scheme? (UK)
 
If you’re a regular serviceman or servicewoman in the armed forces, the Forces Help to Buy scheme could let you borrow up to 50% of your salary to a maximum of £25,000, interest free. This loan is for buying your first home or moving to another property on assignment or as your family’s needs change.
All regular service personnel are eligible who:
  • have completed the pre-requisite length of service
  • have more than 6 months left to serve at the time they apply
  • meet the right medical categories.
However, there may be instances where exceptions to the standard rules may be justifiable, especially where you have extenuating medical and personal circumstances.
You can apply for the loan online through the Joint Personnel Administration system and can seek advice on your application through your chain of command and personnel agency.




The pilot scheme, which launched in April 2014 and extended to 2018 aims to address the low rate of home ownership in the armed forces.