Does anyone know about the lsap and can it be used to purchase proerties overseasd

Discussion in 'Finance, Property, Law' started by killerkan, Aug 15, 2010.

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  1. hi does anyone know about the long service advanced pay and if it can be used to purchase properties overseas
  2. No, lsap is for uk only pal, just in case it goes tits up, they can get some of their money back from house sale.
  3. Correct... although... through my work, I am aware that some service personnel have bought a UK property using LSAP; rented it out and used the rental income to buy overseas; selling the UK property (or not) when convenient to them. As long as the mortgage payments are made no-one seems to do any checks.

    NB: However; whilst this does go on - I would stress that to do so knowingly on the part of an agent or mortgagebroker could land them in a great deal of hot water and the service person in deep do do too - if they are caught! In my business, if we get the merest hint that someone is doing this we drop them like a hot potato.