More than £28 million has been loaned to armed forces families to enable them to buy their first homes or to move up the property ladder.
Since the scheme was launched in April 2014, 3,220 families so far have had their Forces Help to Buy applications approved and have bought, or are in the process of buying, their own homes.
Defence Secretary Michael Fallon said:
I’m delighted that the Forces Help To Buy scheme has proved such an instant and huge success.
Helping our servicemen and women get on the housing ladder, so that they can enjoy the security of owning their home, is a great example of the support we provide to them and their families in return for everything they do for our country.
It’s great news that so many have already taken advantage.
I’m proud that, yet again, we’re honouring the core principle of the Armed Forces Covenant – that no service person or their families are disadvantaged by the contribution and sacrifice they make.
Through the annual armed forces continuous attitude survey, the MOD has been listening to the concerns of its personnel and their families.
The survey results showed one of the key worries for service personnel was not being able to afford their own homes, as they move about during their careers.
The £200 million scheme allows military personnel to borrow a deposit of up to 50% of their annual salary so they can get on the property ladder.
Around 80% of those who have received their loan so far are from the junior ranks or are non-commissioned officers.
Approximately 48% of recipients are in the Army, followed by the Royal Navy at 28% and the RAF at 24%.
Around 56% of successful applicants are single while 44% are married.
Over the past year, the MOD has been working hard in partnership with some of Britain’s biggest companies to address these worries and many armed forces families are already reaping the benefits of schemes including the Forces Help to Buy and the dependants’ business start-up programme.
One big business which has been helping provide personnel with their first mortgage is the building society Nationwide.
Richard Napier, Nationwide’s director for mortgages and savings, said:
Buying a home can be complex enough at the best of times, but armed forces personnel face a unique set of circumstances when trying to secure a home of their own.
That’s why Nationwide is proud to have been one of the first lenders to join the MOD’s Forces Help to Buy scheme, through which we have already helped hundreds of people make the transition from living on base, to owning their own home.