money towards a house

matty630

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Alright lads

Just checkin *text deleted* ive never heard of this; do u get any money to put toward a house whilst serving in the marines? I was told at the end of training you get £8000 towards a house/deposit. Is this true? cheers.
 

Ninja_Stoker

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You get a LOAN (0.5% interest) of up to £9000 toward house purchase & legal fees if you are over 21, it's called Long Service Advance of Pay (LSAP). You pay it back over the last 10 years of your contract of service & if you leave before repaying the loan, you must settle it in full.

You do not actually "see" the money yourself as it goes straight to your solicitor to make payment and you cannot use it for anything other than house purchase.
 

matty630

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thanks 4 that, is this subject to a credit check or is it guaranteed?
 

Ninja_Stoker

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It's all calculated by the purchase price of your house, so you may not necessarily get the full £9000.

You are not credit-checked, but you must have a mortgage guaranteed by a bank or building society (and they DO credit check).
 

Freddo

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excuse my ignorance, but what can u do with £9000 *text deleted*? i dont understand...
 

pcampbell87

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Whilst on the subject the LSAP is actually secured against the house as a second mortgage so (from a legal point of view) your mortgage lender would have to consent to it.

You would also need to pay off the LSAP or get consent from the MOD if you were to remortgage, sell or have a transfer of equity of your property.
 

stewie

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when u pass out and are given a unit can you apply to get a house on the premises or do you have to be a rank or what?
cheers guys
stewie
 

Ninja_Stoker

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To gain a Long Service Advance of Pay (£8,500 max)to help purchase a privately owned house you need to simply be on the trained strength. (ie: have completed Recruit Training).

If you are married, you may apply for a rented Married Quarter (flat, maisonette or house) when you join your first unit after training.
 

Tomtom

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If you were to buy a house while serving in the marines, either with or with the £8'500 loan could you rent it out and still live in the barracks or would you be made to live in your house?
 

Ninja_Stoker

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If you were to buy a house while serving in the marines, either with or with the £8'500 loan could you rent it out and still live in the barracks or would you be made to live in your house?
As long as you pay accommodation charges, you can live in barracks, likewise if married you may rent a married quarter.

With regard buying a house & renting it, that's entirely between yourself & the mortgage company. If you choose to live in your own house, a private rented house/flat or your parents house (providing it is within commuting range of your unit location), you do not incur service accommodation charges.
 

Stacka

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To gain a Long Service Advance of Pay (£8,500 max)to help purchase a privately owned house you need to simply be on the trained strength. (ie: have completed Recruit Training).

If you are married, you may apply for a rented Married Quarter (flat, maisonette or house) when you join your first unit after training.
I was told that even when your in training the RM must provide married quarters? This was by a SO, is it right?
 

Ninja_Stoker

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I was told that even when your in training the RM must provide married quarters? This was by a SO, is it right?
No, unfortunately not during Recruit Training.

As you may fail training, it saves the service being accused of cold-bloodedly turfing out a destitute unemployed family or worse, having to serve an eviction order.
 

Stacka

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No, unfortunately not during Recruit Training.

As you may fail training, it saves the service being accused of cold-bloodedly turfing out a destitute unemployed family or worse, having to serve an eviction order.
I thought as much, makes fair sense
 
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