Forces Help to Buy scheme extended until 2022!

Harrington Homes are thrilled that our service personnel have the opportunity to purchase their new home or extend.

With developments already launched in Paignton, Mary Tavy and coming soon Plymouth. We feel we have locations that some of our armed forces community will want to be a part of.

The government scheme to help military personnel get on the housing ladder has now been extended until the end of 2022, the Defence Secretary, Ben Wallace has announced.

The Forces Help to Buy scheme has lent over £280 million to over 18,000 armed forces applicants since its introduction in 2014.

The scheme allows military personnel to borrow a deposit of up to half of their annual salary, interest free, to contribute towards buying a home, building an extension on their current one or moving to another property.

Defence Secretary, Ben Wallace, said: "The extension of this scheme demonstrates the value we put on our Armed Forces and means service personnel can continue to realise the ambition of owning their own home or borrowing to extend.

It has already proven very popular amongst the Armed Forces community and by extending it further we will be able to help many more service personnel make those first steps on the property ladder or expand their home to fit their family."

Forces Help To Buy Explained:

What is the scheme?

Regular Royal Navy and Royal Marines personnel can benefit from a £200 million scheme to help them get on the property ladder. Servicemen and Servicewomen to borrow up to 50% of their salary, interest free, to buy their first home or move to another property on assignment or as their families needs’ change.

The pilot scheme, which launched in April 2014, aimed to address the low rate of home ownership in the Armed Forces. Forces Help to Buy can in some instances be used in conjunction with Shared Ownership schemes and Government Help to Buy.

Who can use the scheme?

All regular personnel who:

·       Have completed the pre-requisite length of service; AND

·       Have more than 6 months left to serve at the time they apply; AND

·       Meet the right medical categories.

However, it is recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.

How much can be borrowed under the scheme?

The scheme allows Service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.

How to get it?

Servicemen and Servicewomen can apply for the loan online through the Joint Personnel Administration system (JPA) and can seek advice on their application through their Chain of Command and personnel agency.

If you are considering buying a home, but have not done so before, you may wish to read some general information on how to buy one and understand better how the process works. Government – Forces Help to Buy

If you are interested in exploring a Harrington Home and using the Forces Help to Buy scheme, do get in contact and we will be delighted to help you find the right home for you.

For more informaiton please visit our website: Harrington Homes