Attention Househunters! Forces personnel offered a boost up the property ladder
ARMED Forces personnel looking to manoeuvre to a new house in the South West and South Wales are being given a helping hand thanks to a new Government scheme.
The ‘Forces Help to Buy’ initiative can be used to purchase one of Elan’s homes in Yeovil and Radstock in Somerset, Bideford and South Molton in Devon and Gorseinon near Swansea.
As part of a £200m investment by the Government, regular armed forces staff can borrow up to 50% of their salary, interest free, to buy their first home, move to another property on assignment or as their families’ needs change.
Andrea Nippe, sales director for Elan Homes in the south, said: “Forces Help to Buy is the perfect spring board to get would-be homeowners on to the property ladder. We can assist potential purchasers to navigate their way through the scheme and get the help they deserve.”
Around 57% of service personnel don’t own their own home. In a recent survey 65% said this was because they could not afford to and approximately 20% said they were currently saving to buy their own home. Significantly fewer forces employees own a home compared to their non-service counterparts. Many face unique disadvantages when accessing mortgages given their frequent moves.
Andrea added: “This scheme addresses the disadvantages faced by military personnel when buying their own home and provides and vital boost. The loan is payable over 10 years ensuring it’s an affordable option for people of all ranks.”
Forces Help to Buy provides an interest free advance of 50% of salary (up to
£25,000), which can be used independently or in conjunction with the Government’s general Help to Buy scheme. The additional funds can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.
Launched on April 1, the pilot scheme will run for three years. Terms and conditions apply and more information can be found at www.gov.uk/forces-help-to-buy.
Purchasers can benefit by using the initiative to buy a home at several popular Elan developments including Somer Mews in Radstock, Harbin Fields in Yeovil, Kathleen Grange and May Court in Bideford, Elan @ The Gateway in South Molton and Parc Gwyn Faen in Gorseinon.