They can now apply to the Forces to Buy scheme for a loan of up to 50% of their salary to use towards buying a home. It is the first of several benefits that have been incorporated into the New Employment Model for the armed forces.
The intention is to help ease the burden on servicemen and women, and allow them and their families long term security when they leave the forces.
The scheme is initially in place for three years, starting from April 2014. The Chief of Defence Personnel, Lieutenant General Andrew Gregory, said: “We are continually striving to make improvements to those aspects of life outside of service which we know can be adversely affected by life in service. In particular we are keen to address the demand for greater stability, including access to home ownership.”
It is the latest of several schemes launched by the Government to try to revive the property market and help buyers into their new home.
The Right to Buy scheme enables people to buy their council homes at a discount; the Help to Buy schemes help buyers get the mortgages they need.
Please contact Sarah Gratton or Jo Ayrton in our Warminster office on 01985 214444, or Sandra Smith in Westbury on 01373 865577 if you would like more information about the issues raised in this article, or any aspect of buying or selling a home. Or email firstname.lastname@example.org or email@example.com.