The Ministry of Defence and Department for Communities and Local Government launched a new home ownership scheme yesterday for Armed Forces personnel looking to buy property.
Members of the Armed Forces will be able to claim up to 50% of a property’s value under the scheme. They can also sub-let their properties and will not normally pay any fees on the equity while they remain serving members of the Armed Forces.
However, only regular members of the Armed Forces who have served between four to six years and could not otherwise afford to get their foot on the property ladder will be eligible to apply to the scheme.
And, for the time being, the Government has designated the scheme a “pilot”, which will end in Spring 2013.
Announcing the scheme, Defence Minister Kevan Jones said:
“Getting a first foot on the property ladder is an important step in any young person’s life. By providing the flexibility to live anywhere in England and giving applicants the opportunity to sub-let when they are working away from home, we have delivered a scheme that is tailor-made to meet the unique needs of the Armed Forces. This is yet another example of the Ministry of Defence working with other Government departments to ensure that service men and women get the best deal.”
And Radian Chief Executive Lindsay Todd had this to say:
“We are delighted to be working with the Ministry of Defence to deliver this exciting new scheme. We have a strong track record in providing affordable homes, and a great deal of experience in successfully delivering Low Cost Home Ownership schemes to key workers, including Armed Forces personnel and others. We look forward to working with the Ministry of Defence to help even more members of the forces to buy their first home.”
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