A Lincolnshire-based housebuilder government scheme to help forces personnel onto the housing ladder has been extended for three years, until the end of 2022.
The extension, which was announced this week (October 22), has been welcomed by Lincolnshire-based housebuilder Chestnut Homes, which says the scheme has been widely used in the county.
Forces Help to Buy has been used by more than 18,000 military applicants since its introduction in 2014.
The scheme allows forces personnel to borrow a deposit of up to half their annual salary, interest free, towards buying a home.
David Newton, Managing Director for Chestnut Homes, said: “It’s great news for military personnel that the Forces Help to Buy scheme has been extended for another three years, and we hope this will help many more servicemen and women to move onto or up the property ladder.
“Lincolnshire has always had strong links with the armed forces, particularly with several RAF bases throughout the county, so it’s no wonder that Forces Help to Buy has been so popular in this part of the world - we’ve seen it used by first-time buyers and second-steppers alike.”
Defence Secretary Ben Wallace said: “The extension of this scheme demonstrates the value we put on our Armed Forces and means service personnel can continue to realise the ambition of owning their own home or borrowing to extend.
“It has already proven very popular amongst the Armed Forces community and extending it further we will be able to help many more service personnel make those first steps on the property ladder or expand their home to fit their family.”
Chestnut Homes is currently building new homes at developments in Lincoln, Dunholme, Bardney, Alford and Boston.