Nationwide joins Forces Help to Buy
To secure a deposit eligible personnel can take out a loan of up to £25,000 via the MOD, or 50% of their salary, whichever is lower, on an interest-free repayment basis for up to 10 years.
Nationwide previously supported the Ministry of Defence Long Service Advance of Pay scheme for military personnel.
Tracie Pearce, Nationwide’s Head of Mortgages, said: “Armed forces personnel often face great challenges in securing a settled home of their own.
“Nationwide is committed to making a difference to those who wish to step on or up the housing ladder, supporting those in the armed forces wishing to make the transition from base to private living.
“Our participation in the Forces Help to Buy scheme, as well as the launch of Nationwide’s Armed Forces Guide to homes and home ownership, will enable many more to have a deserved home of their own.”
The loan is provided for house purchase deposits, although it can also be used for home extensions or alterations due to changed family or medical circumstances.
Once approved, customers can choose to apply for products from Nationwide’s standard residential mortgage range.
The building society pledged to help £750,000 people move into their own home by 2017.