buying a house in the navy

Discussion in 'Joining Up - Royal Navy Recruiting' started by Storky86, Jun 12, 2007.

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  1. hi guys, just wondering how difficult it would be to buy a house whilst in the navy. With increasing house prices and the cost of living going up it is hard enough for first time buyers to get onto the property market. Does being in the navy make it even more difficult or easier? cheers
     
  2. As someone who missed that boat so to speak, my advice to you would be to BUY AS EARLY AS POSSIBLE!
    Get yourself on the property ladder mate, you'll have no snags getting a mortgage :)
     
  3. That is my aim, but I guess I would have to wait a while, the salary I would need to buy my first house would need to be a lot more than what I expect to get when I first join up.
     
  4. Storky, Stop asking start buying. House prices are rising too quickly to hang around thinking of buying.
    I believe that the RN still has the long service advance of pay system which will help a little.
     
  5. You are entitled to LSAP under certain circumstances, which at most will be £8500. Check with your UPO or whatever they are called this week.

    In respect of rising house prices, serving personnel are not alone with not being able to afford a property. However there are certain lenders who allow you to borrow 95% and another £30k as an unsecured element. That with the £8,500 and any savings you have might allow you to purchase a small shoe box in a dodgy part of town.

    And as I have said before, get a solicitor who knows about LSAP because Centurion and their paperwork is a minefield.

    If you need particular legal advise you can PM me.
     
  6. From the look of things there seems to be a big risk with buying property these days. Experts keep prophosising the collapse of the housing maket. It would be a big shame to buy a house to find that a year or so down the line the house has lost value. Maybe i should just buy a sports car or something instead?
    what are the accomodation provided by the navy like?
     
  7. Well lots of people do it, and have been doing it for a long time so no it is not impossible and because you have a job with a regular income you should get reasonably decent mortgage offers. Being in the right place at the right time for signing things can be a problem, but there are ways round that. I think it can be easier in Scotland as you tend to have a solicitor involved from day one and he can do most things on your instruction over the phone.

    The key things are sorting out how much you can afford to pay then buy something that costs a bit less, you will always need more cash than you allow for.

    Good luck, the really good time comes when you have a house and no mortgage.
     
  8. If you want to live in the South East, as a serving member of the Armed Forces you are now classed as a key worker, and as such can now apply for housing on new developments. Legislation came in a few months ago. I have encouraged all my lot to start getting on the property ladder rather than P*ssing it up against the wall every night.
     
  9. Bite the bullet. Property is now and always will be the best long term investment you can make
    Waste of money, insurance will be high and you'll hardly get to use it.
    Basically quite good if you are single. MQ's aren't that hot to be honest but ignore that if you're not married :)
     
  10. By Key Worker do you mean the group of people who includ nurses, police officer and firemen etc? If so i think i have heard of this scheme, trouble is that the prices of these houses is still quite high, especially if you are looking to buy a house by yourself. But I guess being the navy would give you lost of oppertunities to save money up.
     
  11. All this crap about losing money on a house, it is like losing money on any type of investment, you only lose if you sell... :pukel:
     
  12. True, but of course you may have to sell, even so most price dips are temporary and if you can hang on through them you dont lose out. The other thing is the crash of 88 which still scares the pants of some people was caused by the ending of multipple mortgage tax relief, as this no longer exists the strong rise in demand this caused followed by and equally strong drop in demand is unlikely to happen again.

    If you don't mind the work and starting off living in a slum look for places that need "upgrading" you are then only likely to be bidding against developers who should have a better grasp of reality and prices than Mr & Mrs Numpty who will pay well over the odds for their 'dream' house.
     
  13. By Key Worker do you mean the group of people who includ nurses, police officer and firemen etc? If so i think i have heard of this scheme, trouble is that the prices of these houses is still quite high, especially if you are looking to buy a house by yourself. But I guess being the navy would give you lost of oppertunities to save money up.

    That's the one, as for saving that's up to you. You may have to be iron willed to stay in rather than go out in Pompey/Guzz again to the same pubs night after night.
     
  14. Well I will see what happens when I finish my trade training and hopefully get onto the market somehow. If other people in the navy can do it then there is no reason why I shouldn't be able to.
     
  15. If you buy property to live in (rather than rent out) and keep hold of it for 15-20 years, I doubt you’ll lose any money.
     
  16. Biggest mistake I ever made, had the chance to nuy a house in the 80s but bottled it, I thought £22,000 was too much. Saw a house on the same estate a while back now worth £150,000 :-(
     
  17. Totally ignore this post he is talking through his arse, get on the ladder asap, long term property is the best investment you can make, in stark contrast to buying a car which is about the worse
     
  18. One thing you can do is get something like an ISA or one of those bank accounts where you need to give some notice to withdraw money. I am no expert in these but my mum just got an ISA as a "rainy day" fund. If you set up a standing order with either you can put a bit away and then after a couple of years start looking. It may help getting a mortgage as well if you can show that you are financially responsible as well as having a regular income.

    stab
     

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