Intrest free loan?

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plw1970

Guest
#1
Does anyone know the in's and out's of the £8000 loan you can supposidly get interest free for buying a house? I also heard something along the lines of..... the army will lend you up to three times your sallery interest free to buy a house, and you pay the bulk of it back with your gratuity.
Can someone dispell this roumour, or is it true?
 
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plw1970

Guest
#5
Chers, I found it duh! (thick infantry f****r!)
Have you heard about the 3x your wage thing?
 
#7
The LSAP is really easy to apply for as well. Once you have put in a couple of addresses (House, Solicitors, Bank) you tick a couple of boxes and hand it in to your RAO and it's all done with your solicitor and the Army. It does add a few weeks to the application process once you have made your offer as it adds a few steps but mine went through ok.
 
#9
Can you use this to purchase a house that you will rent until you leave the army, and then live in it yourself?
I have heard conflicting info on this.
 
#10
No, It must be for immediate occupation by you or your family. Ask at your RAO for a copy of the LSAP rules and an explanation of what can and can't be done.
 
#12
Hi all,

The process for getting the LSAP is very, very easy. Stick the paperwork in and everything else is done for you thru the Army and the Solicitors.

I got it in June of this year and it was a little harder for myself as I only had eight months left to serve in the forces. However, instead of the lender having a second charge on my mortgage, as what normally happens. I signed an agreement to say that I would repay all monies when I left next March.

If you thinking about buying a house, then don't let this perk get away.

Cheers
 

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