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Housing Solicitors

MoD to double number of Forces’ Help to Buy recipients (6 October 2015)

Date: 06/10/2015
Duncan Lewis, Housing Solicitors, MoD to double number of Forces’ Help to Buy recipients

The Defence Secretary Michael Fallon has announced that the number of loan recipients under the Armed Forces home-buying scheme Forces’ Help to Buy will be doubled.

The scheme has already helped 5,000 personnel to buy a home within the last 18 months. The Forces’ Help to Buy scheme was launched in April 2014.

Ministry of Defence (MoD) figures show that the MoD has loaned £75.7 million to around 5,000 applicants since the scheme was launched – and a further 1,900 personnel have had their applications approved and are awaiting completion of property purchases.

Forces Help to Buy allows military personnel to borrow a deposit of up to half their annual salary to put towards buying a home – and has proved most popular with serving personnel between the ages of 20 and 39.

More than three-quarters of borrowers under the scheme have been non-officers.

The £200m scheme is now halfway through its three-year trial.

Defence Secretary Michael Fallon said:

“We are making sure that the unsung heroes – our service families – can enjoy the stability and security of owning their home.

“As of today, our Forces’ Help to Buy scheme has enabled five thousand people to buy their home – I want to double that to ten thousand ‘homes for heroes’ in the next 12 months.”

The scheme was designed to provide more support to personnel than its predecessor – the Long Service Advance of Pay – as it offers bigger loans and they are easier to apply for, especially for those serving overseas.

Regular personnel can borrow up to 50% of their salary (capped at £25,000), interest free, to buy their first home, extend their current one – or move to another property on assignment, or as their needs change.

The loan can be used towards a deposit – and other costs such as solicitors’ and estate agents’ fees.

Forces Help to Buy is part of the New Employment Model (NEM) – a long-term programme that aims to modernise the terms and conditions of service offer for personnel, to better reflect the needs and aspirations of service personnel and their families in the 21st century, says the MoD.

Lance Bombardier Joel Daye joined the Army in 2008 and borrowed £10,000 through Forces Help To Buy. In April, he and his wife and their children moved into their first home – a three-bed, detached house.

“Owning our own home has meant a lot to use,” he said.

“We wanted to purchase our own home, as we saw the rent of Service Families Accommodation – as little as it was – as wasted money, and thought it could be put to better use paying a mortgage.

“We used the loan to pay for the Stamp Duty and all fees, which freed up funds to put towards making it the house of our dreams.”

Duncan Lewis Housing and Property Lawyers

Duncan Lewis housing and property lawyers offer competitively priced conveyancing services to homebuyers, including guiding first-time buyers through the conveyancing process.

Duncan Lewis can also advise on a wide range of property matters – including debt management and mortgage repossession.

There are Duncan Lewis offices nationwide.

For expert legal advice on housing law, contact Duncan Lewis housing and property lawyers on 020 7923 4020.


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