A government scheme to help military personnel step onto the housing ladder has been extended until the end of 2022 – marking great news for servicemen and women in the region.
The Forces Help to Buy* scheme has lent more than £280 million to over 18,000 armed forces applicants since its introduction in 2014; with many serving at bases close to Linden Homes Midlands’ developments among those reaping the benefits.
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.
The programme has proved so popular that it has been extended by the Government for a further three years.
This means that at the start of a new year, there has never been a better time for personnel in the area to think about a hassle-free move into a brand-new dream home or a step back into civvy street.
Linden Homes Midlands (part of the Vistry Homes Group) sales and marketing director Vanessa MacNee said: “The Forces Help to Buy scheme is intended to help servicemen and women get on the property ladder and support a greater lifestyle choice and retention of personnel in the armed forces.
“With a number of our developments enjoying close proximity to RAF bases around the region, Linden Homes is helping to lead the way with this popular initiative. We are able to offer exceptional homes in already familiar locations which can help ease the transition for many service families.”
Forces Help to Buy scheme offers regular armed forces personnel a loan of up to 50 per cent salary, capped at £25,000, interest free and repayable over a 10 year period.This is to aid those needing to find a deposit to buy their own home. The interest free loan can also be used in conjunction with Linden Homes’ Government-backed Help to Buy: Equity Loan, so a five per cent deposit from personal savings may not be necessary to secure a 20 per cent government equity loan and a conventional 75 per cent mortgage.
Linden Homes Midlands’ sales and marketing director Vanessa MacNee said: “This combined use of both schemes presents a great opportunity for armed forces personnel to buy their first home or move to another with reduced mortgage rates.”
And in addition to Forces Help to Buy* and Government-backed Help to Buy Equity Loan schemes, Linden Homes adds an extra incentive to forces personnel - a £500 discount for every £25,000 of the property value, up to a maximum of £5,000*.
*Terms and conditions apply. Available on selected homes only.
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