Lsap??

trooperdog

can anyone give me info on the money for a house the army lend you?? i think its LSAP or something. Just wana know how much and how long it takes and any restrictions etc
Cheers

13Kent

You can get an advance, it works like a loan, and you have to pay it back monthly. There are restrictions on it such as if you purchase a house within 50 miles of where you are stationed you are not entitled to a quarter. There are also restrictions about renting a house out that you have purchased with LSAP something about the interest rate but I can't remember what that was - sorry. There are also restrictions about how many years served and how many years you have left to go - sorry not much help am I? We looked into it when we were looking to buy a house but didn't take it up in the end as we found the company below who got us a good deal.

It was called Forces Property Direct they help out and find good deals for the military who are looking to buy a house, they can offer deals with builders such as 5% paid by the builder, and shared equity schemes where you borrow say 15% on a shared equity interest free for the first 5 years, then pay it back after 5 or 10 years. I think they work on a no obligation basis, so it might be worth contacting them to see what you are entitled to as they have all the latest info.

trooperdog

yeah cheers mate erm already spoke to forces homes but have decided to go it alone have got my mortgage found the perfect house just wanna put an offer and could do with the lsap to bump up my deposit, ive done 10 years so that shouldnt be a problem and have no intetions of renting it out just wondered if it was like most things in the army and either ridiculassly difficult to claim or takes a silly amount of time to come through??

RICHie_K_2

Hi, I used it about a year ago to buy my house, was really easy to claim, did it in an afternoon actually as my offer was finally accepted the day before I went on det, once that was sorted the rest was done by my solicitor who the money went to before going towards my deposit. The advice I was given regarding the solicitor is use one who knows how the LSAP works (usually one or two around military bases), it does help it go seamlessly.

Fergie76

trooperdog wrote: »

yeah cheers mate erm already spoke to forces homes but have decided to go it alone have got my mortgage found the perfect house just wanna put an offer and could do with the lsap to bump up my deposit, ive done 10 years so that shouldnt be a problem and have no intetions of renting it out just wondered if it was like most things in the army and either ridiculassly difficult to claim or takes a silly amount of time to come through??

You apply for it on JPA Self Service. Just answer the questions and press submit. Once JPAC provisionally approve it, you need to print the form off JPA, get your Pay Clerk to sign and send it back to JPAC.

You can apply for up to £8500 and you pay it back over 10 years.

JPS 752 has all the details, can't remember the chapter, think it's 7 or 8.

Lottebear

Ours was quite simple just one form to fill in and the solictor did most of the work, the bank held things up a bit as it was loan but all went through and on time. It allowed us to get on the property ladder.

Savvy_Spender_South

Just a point in living after LSAP.

You can rent the house out if posted away, no issues these days.

If posted back, you can get another SFA but you pay the LSAP back first. Simples.

Fergie76

Savvy_Spender_South wrote: »

Just a point in living after LSAP.

You can rent the house out if posted away, no issues these days.

If posted back, you can get another SFA but you pay the LSAP back first. Simples.

!!!!!! are you on about?

If you rent out a house which has LSAP on it, you need to inform the LSAP section of JPAC as you will be liable for the 'letting charge'.

And your second, again I don't have a clue what your on about, you need to re-pay LSAP on selling the house, as long as you are not re-buying straight away.

Savvy_Spender_South

And your second, again I don't have a clue what your on about, you need to re-pay LSAP on selling the house, as long as you are not re-buying straight away.[/QUOTE]

If you need SFA in the area of your LSAP house (same station etc) it is possible (the under 50 mile rule) but you must pay back LSAP (but NOT sell the house) This applies for instance when you purchase a 2 bed but end up with 4 children and cannot afford a bigger private house. An option to the service person is pay back LSAP, move into SFA and rent out the private dwelling to help cover costs on that mortgage.

trooperdog

cheers not planning on selling or renting anytime soon but got the paperwork although surprised that i need it signing by the MO firsty but no biggy hopefully completion in the next few weeks