Radian manages new Armed Forces Housing scheme

Hampshire based, Swaythling Housing Society, part of Radian, has been chosen to manage the new national pilot scheme launched by the Ministry of Defence and the Department of Communities and Local Government. The Armed Forces Home Ownership Scheme (AFHOS) is a £20 million joint housing initiative that will provide additional housing options for Service personnel.

The new scheme will be open to regular serving members of the British Armed Forces. Eligible Service personnel must have 4-6 years continuous service at the time of application and not be otherwise able to purchase a suitable property on the open market. The 4-6 year eligibility period for the pilot was decided between all three Services and the government will provide between 15 and 50% of a property’s value, up to a value of £75,000 depending on individuals’ circumstances.

The HCA and MOD will be closely monitoring the scheme throughout the pilot, studying take-up rates, feedback and affordability. MOD Minister Kevan Jones said, “I have been keen that my department work with the Homes and Communities Agency in order to find ways of providing greater opportunities for our Armed Forces Service Personnel to access affordable home ownership. This scheme allows for purchase anywhere in England through a single service provider.”

Swaythling, part of Radian, is an experienced Local HomeBuy Agent with a proven track record of providing a one-stop-shop service for individuals and households seeking to access government funded affordable home ownership. It was selected after an HCA open competition was held to find a scheme agent who would be able to provide a service for the whole of England, including information provision, eligibility and financial assessment of applicants, referrals to Independent Financial Advisors, and an after sales service. Radian already provides affordable housing to Armed Forces personnel and other keyworkers across the South of England.

Swaythling has set up a new website for the scheme which includes further information and details including how to apply. This can be found at: www.afhos.co.uk

Lindsay Todd, Chief Executive of Radian said, ‘We are delighted to be working with the Ministry of Defence to deliver this exciting new scheme. We have a strong track record in providing affordable homes, and a great deal of experience in successfully delivering Low Cost Home Ownership schemes to keyworkers, including Armed Forces personnel and others, across the south and south west. We are looking forward to working with the Ministry of Defence to help even more members of the forces to buy their first home.’