Pinsent Masons has advised the Homes and Communities Agency
(HCA) on the creation of a pilot scheme to enable the Government to
provide members of the Armed Forces with up to 50 per cent of a
property’s value. Unlike similar schemes, personnel will be allowed
to purchase properties anywhere in England through a single service
provider, in order to meet the needs of the Armed Forces’ mobile
workforce.
The £20 million pilot will initially run until Spring 2013 and
will be funded by the MOD and managed by the Homes and Communities
Agency. Following an open competition, the Homes and
Communities Agency appointed Swaythling Housing Society, part of
Radian, to administer the scheme.
Regular members of the Armed Forces who have served between four
to six years and could not otherwise afford to get their foot on
the ladder will be eligible to apply.
The team advising the Homes and Communities Agency was led by
David Meecham with Richard Ives and Rebecca Rowley, and banking
support from William Oliver.
David Meecham commented "This was an extremely interesting and
highly topical project to be involved in. The team relished
the opportunity to overcome the unique complexities that new low
cost home ownership programmes raise. We're delighted to have
been involved and look forward to seeing its success for serving
members of the Armed Forces looking to get on the property
ladder."
Swaythling Housing Society has set up a new website for the
scheme at www.afhos.co.uk which includes
further information and details of how to apply.
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