Virgin Money and Clydesdale Bank will now accept the Forces Help to Buy loan as a mortgage deposit.
The Scheme is open to serving members of the armed forces and lets them borrow up to 50% of their annual salary – up to £25k – interest-free, to put towards a residential purchase.
The loan is repaid in equal instalments over a 10-year period – deducted from their salary with a small insurance premium.
Simone Riley, founder at Elite Force Mortgages, said: “The news that Virgin Money is now accepting Forces Help to Buy is very welcome.
“Forces Help to Buy was made an enduring Ministry of Defence policy on 1st January 2023.
£It is fantastic that Virgin Money is now offering its support to members of the Armed Forces who are planning on buying a home of their own.
Riley added: “As an RAF family mortgage broker, I am thrilled that they have started accepting this source of deposit, with a clear straightforward policy.”
