18th July ‘08 - Home Loans Scheme to Help Servicemen
British servicemen returning to civilian life are to be given much-needed assistance in getting a foot on the property ladder. The help will take the form of an interest-free loan of up to half the value of a new property.
The shared equity loans will only have to be repaid once former servicemen have sold their homes. They have been made available to all airmen, sailors and soldiers within year of them quitting the armed forces.
Housing minister Caroline Flint commented, “We are committed to helping our service people, both during and after they’ve left the military.”
She added that the loans helped show respect for the “huge sacrifices” made by UK servicemen.
The UK is not the only nation to reward its troops with housing access schemes. Just this year, the US announced a major initiative to offer homeowner loans to its troops.