Home Ownership

Discussion in 'Army Pay, Claims & JPA' started by Danny_Dravot, Mar 2, 2006.

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  1. The subject of home ownership still doesn't seem to be getting taken seriously, despite it being a recurring theme on every CGSs briefing team visit i've ever been on.

    i'm now in a position to write to my MP with a cc going to john reid about the lack of sp given to the army, the disparity accross the 3 services and ultimately, whilst many schemes are in place for other public servants and key workers, these are not extended to the army. eg, social workers (of all people) are entitle to affordable housing normally 15-25% discount on new developments!

    the final nail in the coffin is the incremental increases to SFA.

    therefore, i ask for any original ideas for encouraging home ownership into the army across all Arms and services and including all ranks...this is indeed a rank range issue...i know of many snr officers who have yet to get a foot on the elusive property ladder.

    ideas for starters maybe:

    - a sizeable retention bonus only to be used for home purchase- ie a replacement for 5 yr money to be extended to all ranks and to reflect the current housing market, ie, £15K in return for say 7 yrs ROS?

    - an interest free loan to assist with deposit?

    - a government sponsored mortgage lender that offers preferential rates and understands the extingencies of the service

    - a rentback scheme, eg, when a serviceman has to vacate his own home on posting, DE rent his property at market thus providing guaranteed rental income and peace of mind....

    am i barking mad...or are these realistic?
  2. I managed to buy a house as a Lance Jack with none of this type of support. Being posted elsewehere maklkes things difficult but not insurmoutable - just had to save for a few years, and volunteer for extra NI tours.
  3. I loved un-informed rants. You can rent your house out to the Social Security bods. They pay your Mortgage Value +3%. They even make good any damage caused while they are renting it. You get the cash even if no-one lives there.

    Downside is that you have less than desirable people living in your house and you make less than on the open rental market (typically around 8%).
  4. When a civil servant (D grade and above, so nearly everyone!) is moved in the Public Interest they are entitled to apply for A YEARS ADVANCE OF GROSS PAY, repayable interest free over 25 years as a deposit towards the new house. They also receive mortgage relief payments for years 1-5, which tapers of from years 6-10 (These can be hundreds of pounds a month).

    What are postings? i am sure they are the movement of an individual, in the Publics interest.

    Get used to being shafted, thats the pension trap. :evil:
  5. Can you provide a link to this info, Renovatio, because I'm 99% sure that you're talking crap.
  6. Like the thread though, many issues here that coincide with issue of new Continuoues Attitude Survey.
  7. goon_bde wrote

    is that not what the LSAP is for, which will soon be available to everyone with 4 years service i have read.

    i too like dpcw manged to buy as a lance jack & yes money is tight but at least i know that each mortgage payment is knocking cash off what i owe rather than just doing nothing like our quarter rent payments.
  8. get on a RLI desktop pc and do a search of Defencenet. Make sure you tick the search all MOD websites box. Search for advance of pay. If you doubt what i say ask anyone at Mainbuilding, DLO, DPA or the other civil service centres of excellance :wink:
  9. I'm just off for the weekend, but I'll check this on Monday. As a D Grade Civil Servant, I should know :wink:
  10. Finishing for the weekend on a thursday? i believe you definately are a civil servant then :D
  11. BiscuitsAB

    BiscuitsAB LE Moderator

    Any information on this would be welcome, I've seen to many guys commuting their pensions to use as a house deposit, including my dear old dad.
  12. well done....

    if we're having a dick measuring contest i bought a house as a spotty 2nd Lt, and a mortgage coupled with university debts, i can assure you i was much worse off than a Lance Jack and of course it has paid dividend...

    the idea of this thread was to generate some original thought on how we could make the system better for those that haven't taken that bold step yet...

    Ref LSAP...elaborate...you tell me what the current criteria is...its open to very few people and is inadequate and i suspect the next iteration won't be much better
  13. what? it was neither un-informed nor a rant (BTW there's no such word as un-informed, either ill-informed or poorly informed!)

    it was a wild-card suggestion as to how we could make home ownership more appealling to the Army - ie, a concept, an idea a pipe dream
  14. From the Civil Service Management Code:


  15. oracle...excellent!

    there's a starter for 10!