Nationwide to launch Forces Help to Buy
The scheme replaces the former Long Service Advance of Pay scheme for military personnel, and will be offered by Nationwide from Wednesday 18 June.
Forces Help to Buy is an unsecured loan that can be used towards the deposit needed to obtain a mortgage.
Other lenders participating in the scheme include Halifax and Kensington, which launched in April.
The mortgages will be available in-branch and through the intermediary channel. This launch will be accompanied by further support for armed forces looking to get into the housing ladder.
Once approved under Forces Help to Buy, customers apply for products from Nationwide’s standard residential mortgage range. Standard lending criteria and affordability checks apply.
Tracie Pearce, Nationwide’s head of mortgages, said:
“Armed forces personnel often face great challenges in securing a settled home of their own. Nationwide is committed to making a difference to those who wish to step on or up the housing ladder, supporting those in the armed forces wishing to make the transition from base to private living.
“Our participation in the Forces Help to Buy scheme, as well as the launch of Nationwide’s Armed Forces Guide to homes and home ownership, will enable many more to have a deserved home of their own.”