A SCHEME aiming to help members of the armed forces on to the property ladder has approved 4,000 applications in 10 months.
Defence Secretary Michael Fallon told MPs the Forces Help to Buy programme had helped 2,600 service personnel with a further 1,400 applications approved and awaiting completion.
The scheme enables servicemen and servicewomen to borrow up to 50 per cent of their salary interest-free, to a maximum of £25,000, to buy their first home or move to another property on assignment or as their families’ needs change.
During defence questions in the Commons, Mr Fallon said: ‘I’m delighted the Forces Help to Buy scheme launched just 10 months ago has already helped 2,600 military personnel onto the property ladder and there are a further 1,400 approved applications awaiting completion.
‘These 4,000 fully-approved applications are broadly equivalent to the entire military presence at Colchester and over 80 per cent of them are from non-officer ranks.’