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Government extends Forces Help to Buy to 2018

Set to help thousands more to get their boots on the housing ladder.

Government extends Forces Help to Buy to 2018

Posted on 10/13/2016 12:00:00 AM

Tom Sunderland

Filed under Money

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It is fantastic news that the Forces Help to Buy Scheme will be extended to 2018.

The Government will extend its Forces Help to Buy scheme to 2018, the Defence Secretary Michael Fallon announced. This will help thousands more to get their boots on the housing ladder.

The move came as Mr. Fallon confirmed that the Government had met the target he set last year doubling the number of Service personnel, whose applications have been approved, to 10,000.

The scheme which was launched in 2014, allows members of the military to borrow up to half their salary up to a cap of £25,000, interest free over ten years so they can buy their first home, extend a current one or move up the property ladder.

It has proved most popular with non-officers: in August, 81 per cent of payments were made to other ranks.

Forces Mutual Head of Mortgages, Adam Smith said "It is fantastic news that the Forces Help to Buy Scheme will be extended to 2018. Over 10,000 applications have been agreed so far with some wonderful stories being seen that demonstrate the difference it is making in terms of getting families onto the property ladder and improving their lives. The extension will mean many thousands more will be able to benefit and realise their goal of home ownership." 

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