Help to Buy gets 5,000 service people on the property ladder

Thousands of troops and their families have bought their own home as a result of the successful home-buying scheme Forces Help to Buy, according to latest government figures.

The MOD has loaned £75.7m to around 5,000 applicants within the last 18 months. 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 of their annual salary towards buying a home and has proved most popular with those between the ages of 20 and 39. More than three quarters of recipients so far are non-officers. The £200m scheme is now half-way 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 larger loans and is easier to apply for, particularly for those 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 solicitor’s and estate agent’s fees.

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

Your News

If you've got a story that would be of interest to Builder & Engineer readers, send us an email


2017-05-31 13:33

The rate of Insurance Premium Tax (IPT) will rise by two per cent on June 1 to 12 per cent on all non-exempt transactions. Martin Bennison, managing director at construction finance firm Ultimate Finance, explains what this means for UK construction companies.

2017-05-25 08:41

Building Information Modelling (BIM) is growing in popularity and is now mandatory for centrally funded public-sector projects. Experts and the curious are gathering more and more frequently at dedicated congresses, exhibitions and workshops. Many people are now asking: Where does the UK stand on the issue of BIM and the digitisation of the construction industry?

2017-05-10 10:47

Opening site doors to more females is vital to plugging the construction skills gap, reports Claire Cameron

THE construction industry continues to be plagued by a well-documented skills gap with some suggesting the shortage could get worse before it gets better.

2017-05-08 14:27

If you work on a building site, are self-employed or have a zero-hours contract, you might be surprised to know you work in the ”gig economy”. This is the economy characterised by temporary work and irregular hours, pay and working conditions.

2017-03-29 10:31

Jeremy Gould, VP sales Europe, TomTom Telematics, discusses how technological developments in vehicle telematics have opened up new workflow management possibilities for the construction industry

2017-03-21 09:31

With the demand of oil increasing, it’s estimated that the Earth will reach its full capacity for oil consumption at some point within the next 20 years. This is despite the production of oil decreasing, and the construction industry is no exception to this, reports Niftylift.

2017-03-17 10:55

With construction firms leading the way in drone technology, Claire Cameron takes a closer look at how unmanned aerial vehicles (UAVs) can be used onsite

2017-03-07 16:20

While the physical safety of workers is prioritised on construction sites, mental health is often overlooked, reports Claire Cameron

Free E-newsletter Sign-Up

Sign up for our free e-newsletter

Looking for a company or service?