Metro Bank has added a new mortgage product to its range with the Armed Forces Help to Buy scheme.
The scheme was recently extended by the government to run until the end of 2022.
The Armed Forces Help to Buy is an interest-free loan provided by the Ministry of Defence, allowing eligible Armed Forces personnel to borrow up to half of their gross annual salary (to a maximum of £25,000), interest free for 10 years. Metro Bank will then support the use of the loan as a deposit to buy a house.
The mortgage product will be available directly through Metro Bank stores or via a broker.
This follows Metro Bank’s signing of the Armed Forces Covenant in July 2019. The Covenant is a pledge to those who currently serve or who have served in the Armed Forces, and their families, for them to be treated with fairness and respect in the communities, economy and society they serve with their lives.
Metro Bank also has a number of former service personnel working across the organisation and has started to host career coaching and insights days for those currently in the Armed Forces or who have recently left service, looking for the next step in their career. The bank also promotes all job vacancies to military personnel to support veterans with employment at Metro Bank.
Andy Piggott, director of lending products at Metro Bank, said: “It’s really exciting to be introducing a new mortgage product to our range, especially one that helps those that serve our country.
“The Armed Forces Help to Buy will allow more military personnel to get on the property ladder and Metro Bank is delighted to be working with the Ministry of Defence to support them.”
Charles Morley, director of mortgage distribution at Metro Bank, added: “We understand that many military personnel will look for expert help when planning to buy a property, so it’s vital for Metro Bank to be delivering this product through the broker market.
“Brokers understand the Metro Bank ethos of service and convenience, and we can’t wait to provide this for those in the Armed Forces.”
