Intrest free loan?

Discussion in 'Army Pay, Claims & JPA' started by plw1970, Oct 16, 2006.

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  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?
  2. Thaks, but that doesn't really help. Can you explain more?
  3. Chers, I found it duh! (thick infantry f****r!)
    Have you heard about the 3x your wage thing?
  4. Can't say I have mate - but that doesn't mean it doesn't exist......
    Just makes it highly unlikely.


  5. 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.
  6. I think these guys give assistance to squaddies.

    although I would recommend investigating fully before you commit.
  7. 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.
  8. 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.
  9. plw1970, bear in mind that you can borrow up to £8500... but if you borrow over £5000, it is not tax-free.
  10. 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.