New LSAP

Honkytonkman

Clanker
Does anyone know if the new LSAP can be used for home improvements? I've had a look but can't seem to find anything.


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Had a brief on this the other day, and the general points were:
  • Half your yearly earnings, or £25k (whichever is the lesser), interest free over 10 years. All money must be repaid before leaving service (if you take £10k, pay off £6k, then sign off, you must pay the last £4k before leaving).
  • Must have done 2 years service, and be medically deployable to apply. You can get a waiver from the doctor if you're temporarily downgraded.
  • 0.3% insurance charge, which covers medical discharge and death. Just gets written off.
  • Liable to pay 4% interest if you rent the property out.
  • If the property is within 50 miles of your duty station, you have to live in it.
  • The loan can be used for home improvements.
  • Those who have taken the old LSAP, can borrow extra money (up to £25k or half your yearly salary) on top of the money they borrowed under LSAP (if you borrowed £8k under LSAP, you can borrow up to £17k under Help to Buy as well).
  • If you already have a property and you want to sell it and move, you can use the Help to Buy scheme.
All under JSP 464 Pt 1 Chap 12. JPA E035 form for applying.

Hope this helps!
 

Honkytonkman

Clanker
Had a brief on this the other day, and the general points were:
  • Half your yearly earnings, or £25k (whichever is the lesser), interest free over 10 years. All money must be repaid before leaving service (if you take £10k, pay off £6k, then sign off, you must pay the last £4k before leaving).
  • Must have done 2 years service, and be medically deployable to apply. You can get a waiver from the doctor if you're temporarily downgraded.
  • 0.3% insurance charge, which covers medical discharge and death. Just gets written off.
  • Liable to pay 4% interest if you rent the property out.
  • If the property is within 50 miles of your duty station, you have to live in it.
  • The loan can be used for home improvements.
  • Those who have taken the old LSAP, can borrow extra money (up to £25k or half your yearly salary) on top of the money they borrowed under LSAP (if you borrowed £8k under LSAP, you can borrow up to £17k under Help to Buy as well).
  • If you already have a property and you want to sell it and move, you can use the Help to Buy scheme.
All under JSP 464 Pt 1 Chap 12. JPA E035 form for applying.

Hope this helps!

Helps a lot, thank you


Posted from the ARRSE Mobile app (iOS or Android)
 

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