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.
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.”
