Spolton Mortgages is excited to announce that the Forces Help to Buy (FHTB) scheme has been made permanent by the UK Government as of 1st January 2023.
This marks a significant step in the ongoing commitment to supporting our Armed Forces and their families.
The FHTB scheme encourages and supports Service Personnel to purchase their own homes by allowing them to borrow up to 50% of their gross annual salary, with a maximum of £25,000. Since its launch as a pilot in 2014, the scheme has contributed to a 16% increase in homeownership among Service Personnel.
As of 1st January 2023, this scheme will become an enduring Ministry of Defence policy, making it available to regular personnel with more than 12 months of service. The advance is interest-free and repayable over a maximum of ten years, making it a financially viable option for Service Personnel and their families.
The FHTB scheme provides financial support, strengthens the accommodation offer, improves geographic stability for families, and helps prepare Service Personnel for the transition to civilian life. Approximately 5,000 Serving personnel are expected to use the scheme annually to help with home ownership.
Minister for Defence People, Veterans, and Service Families, Dr Andrew Murrison, said;
I am delighted to announce that the Forces Help to Buy scheme has been made permanent. This recognizes the unique challenges that Service Personnel and their families face and allows purchasing a property to provide stability during their service.Dr Andrew Murrison – Minister for Defence People, Veterans, and Service Families
If you are a Service Personnel and want to take advantage of this scheme, please reach out to Nick Spolton of Spolton Mortgages to learn more about this program’s process and benefits. Don’t wait; take the first step towards homeownership today.
Article reference: FP2329