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Construction News
27/01/2010
Home Ownership Scheme Targets Armed Forces
Members of the Armed Forces looking to buy their own home could benefit from a new home ownership scheme launched by the Ministry Of Defence (MOD) and the Department of Communities and Local Government (DCLG).
Under the pilot scheme, the Government will provide members of the Armed Forces with up to 50% off a property's value.
Unlike similar schemes, personnel 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.
In addition, applicants can sub-let their properties and will not normally pay any fees on the equity while they remain serving members of the Armed Forces.
The scheme builds on the good work that the Government has already undertaken to ensure that members of the Armed Forces are not disadvantaged by the demands of service life.
Defence Minister, Kevan Jones said: "Getting a first foot on the property ladder is an important step in any young person’s life.
"By providing the flexibility to live anywhere in England and giving applicants the opportunity to sub let when they are working away from home, we have delivered a scheme that is tailor-made to meet the unique needs of the Armed Forces.
"This is yet another example of the MOD working with other Government departments to ensure that service men and women get the best deal."
The £20 million pilot will initially run until Spring 2013 and will be funded by the MOD and managed and delivered by the Homes and Communities Agency.
(CD/BMcC)
Under the pilot scheme, the Government will provide members of the Armed Forces with up to 50% off a property's value.
Unlike similar schemes, personnel 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.
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In addition, applicants can sub-let their properties and will not normally pay any fees on the equity while they remain serving members of the Armed Forces.
The scheme builds on the good work that the Government has already undertaken to ensure that members of the Armed Forces are not disadvantaged by the demands of service life.
Defence Minister, Kevan Jones said: "Getting a first foot on the property ladder is an important step in any young person’s life.
"By providing the flexibility to live anywhere in England and giving applicants the opportunity to sub let when they are working away from home, we have delivered a scheme that is tailor-made to meet the unique needs of the Armed Forces.
"This is yet another example of the MOD working with other Government departments to ensure that service men and women get the best deal."
The £20 million pilot will initially run until Spring 2013 and will be funded by the MOD and managed and delivered by the Homes and Communities Agency.
(CD/BMcC)
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