The Forces Help to Buy scheme for service personnel has now been made permanent.
It was launched in 2014 and allows service personnel to borrow up to 50 per cent of their gross annual salary, up to a maximum of £25,000, to buy a home.
The government said since its launch, the scheme has resulted in a 16 per cent rise in home ownership among service personnel. There is also the option to self-build.
The loan is interest-free and repayable over a maximum of 10 years. It is open to most regular personnel with more than 12 months in service.
The scheme was initially set to close at the end of December this year following an extension in 2019.
Dr Andrew Murrison, Minister for defence people, veterans and service families, said: “I am delighted to announce that the Forces Help to Buy scheme has been made permanent.
“This recognises the unique challenges that service personnel, and their families face and gives the opportunity to purchase a property to provide stability during their service.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
