Mortgage News
Metro Bank launches Armed Forces Help to Buy product
Metro Bank has added a new mortgage product to its range with the Armed Forces Help to Buy scheme – which was recently extended by the government to run until the end of 2022.
The Armed Forces Help to Buy is an interest-free loan provided by the Ministry of Defence, enabling eligible Armed Forces personnel to borrow up to half their gross annual salary (to a maximum of £25,000), interest free for 10 years.
Metro Bank will support use of the loan as a deposit to buy a home, with its new mortgage product available direct or through a broker.
The bank signed the Armed Forces Covenant in July, a pledge to treat with fairness and respect those who serve or have served and their families.
“It’s really exciting to be introducing a new mortgage product to our range, especially one that helps those that serve our country,” said Andy Piggott, director of lending products at Metro Bank.
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Charles Morley, director of mortgage distribution at Metro Bank, added: “We understand that many military personnel look for expert help when planning to buy a property, so it’s vital for Metro Bank to be delivering this product through the broker market.”