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houses

#1
not sure if this has been done before.

i know you can get an intrest free loan to buy a house, 10,000 i belive.

ive also heard that there is a company out there that will help first time buyers get a house and that they will own up to 35% of your home

also that if you own your own property and rent it out the army will give you mma claims to check on your property if this is true how many
 
#2
yes the army will give you £8000 interest free loan for legal costs as for the MMA claim to check on your house I dont think this is true but you should check with your adim office, as i understand you must live in the house to get one.
the 35% thing is called house share but i'm not sure who the company is hope this helps
 
#3
If I were you, I'd wait out on this one. We had a presentation from the CGOs team that the advance of pay would be going up significantly, as people complain (rightly) that 8,000 isn't enough

Funnily, we should also have key worker status.
 
#4
You can 182 days gross pay or a maximum of £8500 towards purchasing a house for your immediate occupation. It is interest free as such, but anything over £5000 will incur a tax penalty (not a huge amount though)

You will also pay a small insurance premium to cover the cost of the loan.

A good scheme, but it does need to be a higher amount that you can claim for, £8500 would not cover much of a deposit these days, but as far as I know there are no plans to increase this amount - yet ! :cry:
 
#5
Nickhere said:
If I were you, I'd wait out on this one. We had a presentation from the CGOs team that the advance of pay would be going up significantly, as people complain (rightly) that 8,000 isn't enough

Funnily, we should also have key worker status.
I agree it's not nearly enough in todays climate, however members of the Army are now entitled to key worker housing in the South i believe.

I can't remember the link but if I happen upon it then I will post on here.
 
#6
If at all possible, get together enough to buy the house (and by that I mean deposit, fees, etc) and get some tenants in.

They then pay the mortgage.

Go through a reputable Letting Agency. Let them do the managing of it for you. You can expect to pay between 10% and 13% in management fees, but it's worth it - especially if you are not stationed in the area of your new house.
 
#7
welshneil28 said:
not sure if this has been done before.

i know you can get an intrest free loan to buy a house, 10,000 i belive.

ive also heard that there is a company out there that will help first time buyers get a house and that they will own up to 35% of your home

also that if you own your own property and rent it out the army will give you mma claims to check on your property if this is true how many
If you use the LSSAP scheme (£8500 intrest free loan) to purchase a house, it MUST be for your own use only, you cannot use it for buy to let purposes. If you do the search function, there are 5 or 6 threads on the LSSAP.

If you own a property and rent it out because it is to far from your duty station, you can claim an allowance to visit the property on a monthly basis.
 
#8
If you use the LSSAP scheme (£8500 intrest free loan) to purchase a house, it MUST be for your own use only, you cannot use it for buy to let purposes. If you do the search function, there are 5 or 6 threads on the LSSAP.
True.

I was in the old House Purchase Savings Scheme and used that money as deposit.

The tenants were in the day after I exchanged contracts..........!!
 
#10
I realize this is a stupid question but here goes
My wife is American and we are planning to move there when i finish can I get this ten grand loan for a house abroad????

Think I know the answer
 
#11
MSI64 said:
I realize this is a stupid question but here goes
My wife is American and we are planning to move there when i finish can I get this ten grand loan for a house abroad????

Think I know the answer


02.0415. Qualifying Property. Any property purchased with the assistance of a
LSAP must meet all the following criteria:
a. The property is intended for the applicant's own immediate occupation or
that of their immediate family. In the case of families and single personnel who
will be unable to occupy the property during the working week, occupation at
weekends and/or during periods of leave is deemed to qualify.
b. The property will be wholly or partially owned by the applicant.
c. The property is not a mobile home, houseboat or caravan.
d. The property will not be a dedicated business premises or residential
accommodation with integral business premises (eg post office, shop with flat
above, guest/boarding house). The property may also be one that is purchased
for renovation or as a conversion, either as part of a “Brown Field Site” or as an
agricultural or commercial property conversion to residential accommodation.
Planning permission for the conversion as well as permission for the change of
function must have been obtained before a LSAP can be approved.
e. The property is situated in the UK or, for those recruited in the Republic of
Ireland or of Southern Irish parentage, the Republic of Ireland.

f. It is a property on which a Building Society, Local Authority, recognised
Bank or Insurance Company is willing to advance a mortgage. This applies even
if a mortgage is not required.
g. The property is one upon which the applicant has agreed to the placing of
a Legal Charge in favour of the Secretary of State for Defence (see paragraph
02.0417b).

From JSP 752

http://www.army.mod.uk/linkedfiles/combined_services_sport/20060526_dii_jsp_752___ver4_ch_1_to_4.pdf
 
#12
Oracle said:
MSI64 said:
I realize this is a stupid question but here goes
My wife is American and we are planning to move there when i finish can I get this ten grand loan for a house abroad????

Think I know the answer


02.0415. Qualifying Property. Any property purchased with the assistance of a
LSAP must meet all the following criteria:
a. The property is intended for the applicant's own immediate occupation or
that of their immediate family. In the case of families and single personnel who
will be unable to occupy the property during the working week, occupation at
weekends and/or during periods of leave is deemed to qualify.
b. The property will be wholly or partially owned by the applicant.
c. The property is not a mobile home, houseboat or caravan.
d. The property will not be a dedicated business premises or residential
accommodation with integral business premises (eg post office, shop with flat
above, guest/boarding house). The property may also be one that is purchased
for renovation or as a conversion, either as part of a “Brown Field Site” or as an
agricultural or commercial property conversion to residential accommodation.
Planning permission for the conversion as well as permission for the change of
function must have been obtained before a LSAP can be approved.
e. The property is situated in the UK or, for those recruited in the Republic of
Ireland or of Southern Irish parentage, the Republic of Ireland.

f. It is a property on which a Building Society, Local Authority, recognised
Bank or Insurance Company is willing to advance a mortgage. This applies even
if a mortgage is not required.
g. The property is one upon which the applicant has agreed to the placing of
a Legal Charge in favour of the Secretary of State for Defence (see paragraph
02.0417b).

From JSP 752

http://www.army.mod.uk/linkedfiles/combined_services_sport/20060526_dii_jsp_752___ver4_ch_1_to_4.pdf
Thanks mate I thought the answer would be NO!
 
#13
redwhiteandblue said:
yes the army will give you £8000 interest free loan for legal costs as for the MMA claim to check on your house I dont think this is true but you should check with your adim office, as i understand you must live in the house to get one.
the 35% thing is called house share but i'm not sure who the company is hope this helps
If you do the sneaky way of buying the house to 'live in' but alas due to a posting or whatever you decide you want to rent it out you must,

1. inform your CO.
2. Prepare to start paying interest on the loan.

Hope this helps
 

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