Military Life

Forces Help To Buy: Military Housing Scheme Extended

A Government scheme to help military personnel get on the property ladder has been extended until the end of 2022.

The Forces Help to Buy scheme has lent more than £280 million to more than 18,000 Armed Forces applicants since its introduction in 2014, according to the Ministry of Defence (MOD).

Defence Secretary Ben Wallace said the extension "demonstrates the value we put on our Armed Forces".

The scheme allows military personnel to borrow an interest-free deposit of up to half their annual salary, but is only accessible to regular serving personnel.

The loan, which has to be repaid over a 10 year period, is capped at £25,000.

It can be used towards buying a home, building an extension or moving to another property because of work or "as their needs change".

It can also be used to cover other costs including solicitor and estate agents' fees.

The loan is capped at £25,000 (Picture: MOD).
The loan is capped at £25,000 (Picture: MOD).

Johnny Mercer, Minister for Defence People and Veterans, said the extension is "fantastic news". 

The scheme was originally due to end December 2019.

In June, a report by the Public Accounts Committee warned too many military personnel live in "poor" housing.

The Committee warned substandard housing risks losing experienced and skilled personnel. 

Forces News has asked the Royal Navy Families Federation for a statement.