A scheme has recently been launched to assist members of HM Armed Forces to purchase a property. The scheme - similar to the civilian step-onto-the-property-ladder (aka: HomeBuyer) scheme was launched on the 28th January 2010. The only major drawback is the fact that you have to have over four years of service, and be under six years of service.

So, in brief:
If you’re looking to buy your first home and have between 4-6yrs of service under your belt – then maybe you should look into it a little further..?

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The scheme, set up by the Ministry of Defence (MoD) and Department for Communities and Local Government (CLG), will ensure that members of the Armed Forces receive up to 50 per cent of a property’s value.

The £20 million pilot scheme, which will be delivered by the Homes and Communities Agency (HCA), will initially run until spring 2013 and should help at least 250 families. It will be managed by Swaythling Housing Society.

If you are eligible, you could borrow between 15 and 50 per cent of the value of a home that you choose on the open market, usually through an estate agent like other buyers. For example, if you qualify for a mortgage of £70,000, you could potentially purchase a property worth up to £140,000.

Under the scheme, you can also sub-let your property and will not normally pay any fees on the equity while you remain a serving member of the Armed Forces.

Unlike similar schemes, people will be allowed to purchase properties anywhere in England through a single service provider, in order to meet the needs of the Armed Forces mobile workforce.

The HCA and MoD will be monitoring and evaluating the scheme closely throughout the pilot period including looking at factors such as take-up rates, feedback as to whether the scheme meets all the requirements of Armed Forces personnel, value for money and affordability.

For more information and to apply online, visit the afhos website.

Other pages you may find useful…

• Armed Forces Compensation Scheme – (in General)
• Changes to Armed Forces Compensation Scheme (update February 2010)
• War Disablement Pension 
• Forces Home Ownership Scheme 

This page was last updated on Friday 12th February 2010.

Please Note:
Although we do our very best to keep-up with any changes regarding HM Forces - you should treat this information as a guide only..!!
For verification – please speak to any of the Forces organisations, or see the Direct Gov website.
Thank you..!!

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