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Govt offers armed forces interest-free loans towards mortgage deposit

The Government is to offer interest-free loans to help armed forces personnel raise a deposit to buy a home.

The BBC reports defence secretary Philip Hammond has announced that from 1 April 2014, servicemen and women will be offered an interest-free loan for up to 50 per cent of their salary and capped at a limit of £25,000.

The loan is repayable over a 10 year period, and the scheme will be in place for three years. 

Hammond says £200m has been allocated to the scheme. 

He says: “Service personnel can struggle to enter the housing market as they move around throughout their military career. By giving our troops this extra help they will be more able to set down roots and get onto the property ladder.

“The introduction of this new scheme will help increase home ownership, and provide our armed forces with sustainable lifestyle choices.

“It further demonstrates the Government’s commitment to strengthen the Armed Forces Covenant, ensuring that personnel and their families are not disadvantaged by their service.”

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  1. Good news…. how will lenders treat the deposit? How will the FCA handle affordability issues?

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