The move came as Mr. Fallon confirmed that the Government had met the target he set at last year to double the number of Service personnel whose applications have been approved to 10,000.
The Forces Help to Buy Scheme was launched in 2014. It allows members of the military to borrow up to half their salary interest free so they can buy their first home or move up the property ladder. It has proved most popular with non-officers: in August, 81 per cent of payments were made to other ranks.
Defence Secretary Sir Michael Fallon said:
Our Armed Forces keep us safe and we have a duty to provide them with the support they deserve. Extending this scheme will mean more troops can give their families – the unsung heroes – the stability that many of us take for granted. This is part of our plan for a country that works for everyone.
The extension is part of the Armed Forces Covenant – our commitment to ensure that we support those who keep us safe. It sits alongside the increase to council tax relief to around £600 for a 6 month deployment – 100 per cent of an average council tax bill over that period. And it complements the £1 billion that has been invested in improving accommodation as well as separate improvements announced to the provision of healthcare and mental health support for veterans.
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