On the 1st April 2014 the Government launched Forces Help to Buy; a deposit loan scheme from the MOD for regular Armed Forces members to use along with Help to Buy. 

The scheme is planned to run until 31st March 2018 and aims to make it easier for Britain’s regular Armed Forces personnel to borrow their 5% deposit from the MOD and take advantage of Help to Buy – the popular scheme that has already helped so many onto the property ladder across the UK. The scheme provides the necessary boost to secure a 75% mortgage with a 20% Help to Buy equity loan funded by Government.

The scheme is available to regular Armed Forces personnel who are first time buyers and those who may need to move due to a change in circumstances. It offers an interest free loan to applicants of up to 50% of their salary, with a maximum of £25,000. The loan is repayable in monthly instalments over the term and the typical loan amounts are:

Rank Loan Amount 
Private £10,800
Sergeant £15,000
Corporal £13,200
Major £23,800

 

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For more information visit the Ministry of Defence's website

Help to Buy terms and conditions for England

Help to Buy full terms and conditions for Scotland

Help to Buy terms and conditions for Wales