Home Buy Scheme Extended to Armed Forces!
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Home Buy Scheme Extended to Armed Forces!
Government to help military into home ownership20/09/2006
Members of the Armed Forces will for the first time receive help to get a first step onto the housing ladder it was announced today, 20 September 2006.
an expansion of the Government's key worker programme, military personnel will be able to buy a newly built home, paying as little as 25 per cent of the price and a reduced rent on the remaining cost of the home.
The new build, shared ownership properties will be available in London, the South East and Eastern regions.
Up to 10,000 members of the Armed Forces and their families, currently living in Service housing, will be eligible.
Members of the Armed Forces on operational deployments in countries like Iraq and Afghanistan, and a further 2,500 MOD civilian workers would also qualify for assistance.
Visiting a family benefiting from a New Build Homebuy scheme in Kennington, Ruth Kelly Secretary for Communities and Local Government who announced the programme with Derek Twigg, Under Secretary of State for Defence, said:
MOD civilians eligible would include those employed in professions already eligible for key worker status, e.g. MOD Police or Fire-Fighters and clinical staff.
An independent evaluation published today shows the success of the key worker programme in turning around the previous crisis in retaining public sector staff. Up to now, more than 22,000 key workers have been helped into low cost home ownership.
Six out of ten key workers who benefited from support to buy their own home revealed they were more likely to stay in their occupations. 95 per cent of the 2,000 key workers who took part in the evaluation by the University of Birmingham, said they were very or fairly satisfied with the programme.
Employers also agreed that opportunities for low cost home ownership have encouraged staff to remain in their job, according to the report, with head-teachers in London saying that key worker housing has been a strong incentive for their staff to stay in the Capital.
The programme is helping people on average incomes to buy their own homes, with 64 per cent of those benefiting having household incomes under £35,000. Once on the housing ladder, very few key workers reported difficulty meeting their new housing costs.
Ruth Kelly added:
Members of the Armed Forces will for the first time receive help to get a first step onto the housing ladder it was announced today, 20 September 2006.
an expansion of the Government's key worker programme, military personnel will be able to buy a newly built home, paying as little as 25 per cent of the price and a reduced rent on the remaining cost of the home.
The new build, shared ownership properties will be available in London, the South East and Eastern regions.
Up to 10,000 members of the Armed Forces and their families, currently living in Service housing, will be eligible.
Members of the Armed Forces on operational deployments in countries like Iraq and Afghanistan, and a further 2,500 MOD civilian workers would also qualify for assistance.
Visiting a family benefiting from a New Build Homebuy scheme in Kennington, Ruth Kelly Secretary for Communities and Local Government who announced the programme with Derek Twigg, Under Secretary of State for Defence, said:
"Our Armed Forces play a vital role in public life and their local communities; this new support recognises that contribution. We know that in some areas of the country service personnel like other key workers have been priced out of the housing market. That is why we have put low cost home ownership programmes in place, which have supported thousands of families to buy their own homes. Extending key worker housing help to the military will enable many more people to meet their aspirations and get a foot onto the housing ladder."
Derek Twigg added:"I'm proud that the Armed Forces' significant contribution to their local communities and role as a force for good worldwide has been further recognised through today's expansion of the Key Worker Living Programme. This demonstrates the MoD's commitment to continually improving the terms and condition of service that we offer our people.
"Whilst we provide service personnel with high-quality subsidised accommodation wherever they are based, we know that for some it is not the same as owning their own home. Now those living in the high cost areas of London, the East and South East have greater choice in where they live, improving stability for their families and offering them the opportunity to meet their home-ownership aspirations."
The programme will be available to service personnel whose household income is £60,000 or less and who live and work in London, the South East or East. MOD civilians eligible would include those employed in professions already eligible for key worker status, e.g. MOD Police or Fire-Fighters and clinical staff.
An independent evaluation published today shows the success of the key worker programme in turning around the previous crisis in retaining public sector staff. Up to now, more than 22,000 key workers have been helped into low cost home ownership.
Six out of ten key workers who benefited from support to buy their own home revealed they were more likely to stay in their occupations. 95 per cent of the 2,000 key workers who took part in the evaluation by the University of Birmingham, said they were very or fairly satisfied with the programme.
Employers also agreed that opportunities for low cost home ownership have encouraged staff to remain in their job, according to the report, with head-teachers in London saying that key worker housing has been a strong incentive for their staff to stay in the Capital.
The programme is helping people on average incomes to buy their own homes, with 64 per cent of those benefiting having household incomes under £35,000. Once on the housing ladder, very few key workers reported difficulty meeting their new housing costs.
Ruth Kelly added:
"We have made major progress in helping key workers into low cost homeownership. As this report shows, key worker support is making a real difference in retaining the essential skills needed in our public services to improve our schools and hospitals. But we need to go further.
"Next month, we will be increasing support to help even more key workers and other first time buyers into home ownership. We have also set up the Shared Equity Task Force to look at expanding shared ownership even further. Ultimately though, if we are to ease pressures on first time buyers, we need to build more homes across the board."
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"The new build, shared ownership properties will be available in London, the South East and Eastern regions."
Not anywhere, only in selected regions. That's the downside. Upside is that you might end up sandwiched, as it were, between a couple of student nurses.
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Is this another step in the direction of removing Quarters altogether? - after all, if you qualify as a key worker and can get the subsidised housing, do we still need dedicated Familly accommodation?
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Yep, but not looking for a new build shared ownership house - the way I read it suggested that you could buy any house using the Open Market scheme and get a really low interest loan on 25% of the its value. All I need to do is earn less than £60k - sorted!
Looking in the SE so it suits me!
Looking in the SE so it suits me!
With this, and other hints in the strategic review, I think it is the beginning of the end of service housing. Although the powers that be call it 'exciting new (housing) initiatives to ensure our service personnel recieve the best deal' etc etc etc 
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Hmm, so as a member of the forces, I get the priviledge of not only prostituting myself to the bank for 25 years with a hugely inflated mortgage, but I also get to "share" the equity in my home with some rich bank (and get to pay them back as well in the long run) I dont know how the hell this shared ownership scheme is seen to be as a good thing at all. No thanks. Think I will prefer to sit tight in my lovely quarter whilst the UK economy winds up round our ankles. Last I heard, 250K were struggling with mortgage repayments (IRs may be going up again in November as well) with unemployment increasing currently at a significant rate. Oh, and it doesnt mention that this scheme is means-tested, and will be capped to a maximum of 250,000 FOR THE UK IN TOTO over a number of years.
House price inflation has been a national disgrace in this country, with greed feeding the market, and young, hard-working professionals completely stuck without a hope of getting on the ladder, without lying on their mortgage application forms. Great life. Another "Dream life" of the Noo Labour generation.
There is absolutely no way they could get rid of quarters, I just see this as another stupid, hair-brained scheme to promote noo labours "social inclusion" policies.
"Debt is the slavery of the free " - Publilius Syrus quotes ( Roman author , 1st century BC )
House price inflation has been a national disgrace in this country, with greed feeding the market, and young, hard-working professionals completely stuck without a hope of getting on the ladder, without lying on their mortgage application forms. Great life. Another "Dream life" of the Noo Labour generation.
There is absolutely no way they could get rid of quarters, I just see this as another stupid, hair-brained scheme to promote noo labours "social inclusion" policies.
"Debt is the slavery of the free " - Publilius Syrus quotes ( Roman author , 1st century BC )
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memory not what it used to be, but wasn't there a scheme back in the early 90s whereby if you contributed to a specific savings scheme (which could only be redeemed against house purchase) through your salary, you received a significant tax break - supposedly to compensate for you not being in the housing market as prices were rocketing.
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memory not what it used to be, but wasn't there a scheme back in the early 90s whereby if you contributed to a specific savings scheme (which could only be redeemed against house purchase) through your salary, you received a significant tax break - supposedly to compensate for you not being in the housing market as prices were rocketing.
