Housing/mortgage allowance

Discussion in 'Joining Up - Royal Navy Recruiting' started by Groundhog, Feb 4, 2015.

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  1. Groundhog

    Groundhog Midshipman

    Young chap has been told he's entitled to upto £300 per month towards running a home. He's been in 6 months and finished phase 2. Is that correct? The allowance bit haha
  2. ElQuesoGrande

    ElQuesoGrande Badgeman

    No. He's entitled to 'Forces Help to Buy' though. This is a loan (effectively interest free) and can be up to 50% of his salary (annual), up to a maximum of £25k. It's to be used to enter the property ladder, and has replaced the old LSAP (Long Service Advance of Pay) scheme.
  3. rn458scc

    rn458scc Badgeman

    Is that paid off over a 10 year period?
  4. ElQuesoGrande

    ElQuesoGrande Badgeman

    Yes, well, the old LSAP was. And your final 10 years of service that was, too. If you leave before paying it off by installments, you have to pay it off in full prior to discharge.
  5. rn458scc

    rn458scc Badgeman

    Thank you for the answer.
  6. Groundhog

    Groundhog Midshipman

  7. TheCommunicator

    TheCommunicator Badgeman

    Not quite! Paid off over 10 years yes (if you had sufficient time) but payments commenced 2 years after taking it regardless of how many years remaining left. If you took it with 10 years service or more then your repayment period was reduced.

    Irrelevant now it's called something else - different rules!

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