Service Personnel Offered Help To Buy A Home
8:20am 30th September 2013
Armed forces personnel looking to buy a home in Dorset are being given extra help.
The new forces 'Help To Buy' scheme means servicemen and women will be able to borrow up to 50% of their salary, interest free, up to a maximum of £25,000 as a boost to any deposit they may need to find.
It's repayable over 10 years.
The MoD says it recognises service personnel have specific and unique disadvantages accessing mortgages particularly due to frequent moves and poor recognition of BFPO addresses by credit systems.
The scheme, announced by the Defence Secretary, Philip Hammond over the weekend, starts from 1st April 2014, will initially cover a three year period and help address the low rate of home ownership in the armed forces.