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

Discussion in 'Finance & Pensions' started by soleil, Sep 28, 2013.

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  1. "A new £200 million scheme will help Armed Forces personnel get on the property ladder, by allowing servicemen and women to borrow up to 50 per cent of their salary to buy their first home.

    The new Forces Help to Buy scheme will allow service personnel to borrow up to a maximum amount of £25,000, helping them to build up a deposit."

    Armed Forces personnel to receive help with deposits on homes - Telegraph
  2. Is this part of the NEM? 10 year RoS? Looks like a cynical ploy to get people out of SFA
  3. 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.
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  4. 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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  5. 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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  6. 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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  7. 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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  8. 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.
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  9. 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.
  10. 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?
  11. 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
  12. Snap, Same here.

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