help!

jaytin

Can anyone give me any advice regarding help for Armed Forces personnel with buying a home in Scotland? I know there are schemes in England that help to get Service people onto the property ladder, but I can't find anything for Scotland. Any help or advice is greatly appreciated!

AFF_company_representative

Hi,

JSP752 Ch2 Sect 4 gives the regulations for the Long Service Advance of Pay (LSAP) which is a loan Service personnel may be entitled to to assist with the purchase of their first home.

You might find it useful to look at Housing Matters magazine which is produced by the Joint Services Housing Advice Office. The Jan/Feb 2009 issue carried articles about house purchase in Scotland. Google Housing Matters and it should take you to the Service community website where you can download back copies.

Hope this helps.

13Kent

The only problem with LSAP is that when you pay the money back if you intend to rent the house you will be charged interest. Also if you buy a house using LSAP and get posted anywhere within 50 miles of the house you are not entitled to a quarter.

Some people posting on here have had problems with LSAP as if you leave the forces before it is paid off the remainder is taken out of your final months pay often leaving you with no money for that month.

That said I think you can borrow less than £5000 with no tax penalties, interest free for 10 years assuming you don't meet the criteria above. I think you can borrow more but there is some sort of tax penalty.

The housing matters mag which is available online will have adverts in for people that specialise in forces mortgages, and house purchase for forces people and they know all the assisted schemes. In some cases if you buy a new house the builders pay some of the deposit, and pay towards legal fees and also give you carpets and turf as part of the package. In England there is also a shared equity scheme but I have a feeling that doesn't apply to Scotland.

jaytin

Thank you very much for your replies, I have somewhere to start looking now! :j