Member Article

Builder welcomes initiative to help military personnel buy own homes

A leading Essex builder has welcomed the Government’s move to help military personnel lay down roots and own their own home through the new Forces Help to Buy scheme.

The initiative, which is launches this month, will initially cover a three-year period aimed at addressing the low rate of home ownership in the Armed Forces. Persimmon Homes Essex already works closely with local military personnel, with a base near its Nightingale Gardens development in Colchester.

The new Forces Help to Buy scheme will mean servicemen and women can borrow up to 50% of their salary, interest-free, to buy their first home, up to a maximum of £25,000, providing a boost to those needing to find a deposit to buy their own home.

Persimmon Homes Essex is also offering an exclusive opportunity to Armed Forces personnel with free specialist advice on how to obtain a mortgage overseas or serving at a BFPO address.

Norman Sharpe, sales director for Persimmon Homes Essex, said: “Forces Help to Buy is an innovative scheme which we hope will make people’s property dreams come true.

“Home ownership is a real issue for the Armed Forces personnel, with ownership levels below those seen in wider society. Service personnel can experience specific disadvantages when accessing mortgages and credit due to frequent moves and deployments and poor recognition of BFPO addresses by credit systems.

“We are also aware that high mobility and regular deployments mean that many personnel delay buying a home with some personnel deciding to leave the forces because of their desire to own a home.”

According to the RAF, approximately 43% of Service personnel own their own home. In a recent survey, 65% of Service personnel who do not own their own home said it was because they could not afford to; and approximately 20% of those are saving to buy their own home.

Forces Help to Buy has been designed to help regular service personnel who want to buy their first home and is available to them regardless of their marital status. The loan is interest-free and repayable through monthly salary contributions over a 10-year period, while those who leave the Forces during this period will need to make arrangements for early repayment. It can also be used with the current Government-backed Help to Buy scheme.

Norman added: “Our Nightingale Gardens development in Stanway, which offers a wide range of new homes, is less than 15 minutes from Colchester Garrison.

“We would advise people to visit a development of their choice to take advantage of our free service dedicated to the Armed Forces with access to Forces Help to Buy.”

For more information visit www.persimmonhomes.com.

This was posted in Bdaily's Members' News section by Rosie Farmer .