The Forces Help to Buy scheme which helps military personnel get onto the housing ladder has been extended for a further three years until 2022, Defence Secretary Ben Wallace has revealed.
The scheme allows people in the military to borrow an interest free deposit of up to half of their annual salary to either contribute towards buying a home, building an extension on their current house or moving to another property.
It has lent over £280m to over 18,000 armed forces applicants since its introduction in 2014.
Wallace said: “The extension of this scheme demonstrates the value we put on our Armed Forces and means service personnel can continue to realise the ambition of owning their own home or borrowing to extend.
“It has already proven very popular amongst the Armed Forces community and by extending it further we will be able to help many more service personnel make those first steps on the property ladder or expand their home to fit their family.”
Johnny Mercer, Minister for Defence People and Veterans, added: “The extension of the Forces Help to Buy Scheme is fantastic news for all those wanting to take that first step on to the property ladder.
“The scheme helps to provide stability for our Armed Forces personnel and families, as a thank you for their commitment to their service for this country.”