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Telegraph: "Armed Forces Personnel To Receive Help With Deposits On Homes"

G

guestm

Guest
Is this part of the NEM? 10 year RoS? Looks like a cynical ploy to get people out of SFA

I disagree mate. It's an improvement to LSAP which maxed out at £8k and not enough to cover 1/3rd of a deposit in today's lending environment. £25k is enough to cover a healthy deposit allowing first time buyers to get at sensible lending rates. The 10 year thing isn't a return of service, it's the repayment period as has always been with LSAP.
 

cjg375

Lantern Swinger
It's only half your salary up to £25k. You'd need to be a pretty senior chief to get £20k plus. It is an improvement on £8k but your average JR will max out about £13-15k I'd think.


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cjg375

Lantern Swinger
The NEM 'aspiration' is for a loan of half your salary, up to £50k max limit. Not sure if this is an interim thing or if Treasury have limited the max to £25k.

What's the point in aspiring to half salary up to £50k? How many of us earn £100k? This seems a far more reasonable limit. Especially as it has to be paid back over 10 years. That's over £200 a month pay back before you think about servicing your mortgage.


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cjg375

Lantern Swinger
Wouldn't you have senior officers/medical officers/pilots entitled to it as well then? Plus, who's to say how long that figure will remain in place, the current LSAP figure has been the same for years whilst wages have risen etc.

Didn't know pilots are that well basic paid and senior officers are only paid that much towards end of career by which time most already have houses and you know the scheme will only be for first homes.


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cjg375

Lantern Swinger
Suppose not. Surprised the Lib Dems would sign up to giving (lending) public money to help people earning that much buy a house though. They class you as rich on £50k a year.


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pie.thatcher

Lantern Swinger
All i can say is that it worked for me in 73, as a killick I took the max of £1060 it paid the deposit and fees for my first house. never looked back, now in retirement I am a happy bunny, lots of beer tokens and a good life.
 

danny

War Hero
Glad its not me. Cant wait to get out of these LSAP shackles I signed myself (yes me and nobody else) up to about 5 years ago. Just wish I had not taken the initial 2 year deferment with the payments.

It is a good idea just glad I don't owe as much money as I would on the new scheme.
 

FunkyJunky

War Hero
darn it.
I used to own a flat but due to the credit crunch sold it. (got what I paid for it)
never used LSAP then but like the idea of this to get a proper home

im guessing that the fact I dipped my toe into the property market a few years ago, means I dont qualify?
 
darn it.
I used to own a flat but due to the credit crunch sold it. (got what I paid for it)
never used LSAP then but like the idea of this to get a proper home

im guessing that the fact I dipped my toe into the property market a few years ago, means I dont qualify?
you can still use LSAP if you have not before and a previous home owner.
its in JSP 75....something

you have to have had more than 12 months from the sale of your previous property and have proof of sale from the solicitor

I believe the repayment criteria is still the same. you pay it back over 10 years at no more than 10% of he total borrowed over a single year. if you leave the RN before paying it back (ie, time done) you pay the rest off before leaving

looks like a very good idea that is (in reality) 5 years late
 
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