IMPORTANT – the Long Service Advance of Pay scheme has now been frozen and is not open to new applications. It was replaced in April 2014 by the Forces Help To Buy Scheme [FHTB] – click here for information about how this new military home loans scheme can help you and how it affects those with an existing LSAP home loan.
Whether you are currently serving in the Army, Royal Navy or RAF, to qualify for your long service advance of pay loan there are a number of property conditions that the property you have chosen needs to satisfy. in particular, the property to be purchased must be;
1. a residential property – business property is specifically excluded (even if it has living accommodation).
2. either freehold or a flat or house with a minimum of seventy years left on the lease
3. the property must be in the UK, Isle of Man, Channel Islands [or in the Republic of Ireland if one of your parents as an Irish passport]
4. mortgagable – ie a property on which a mortgage could be granted. This probably means any property must be of standard construction, which is the case even if you don’t require a mortgage to buy the property
5. your only privately owned property
In addition, the subject of a long service advance of pay loan cannot be a caravan, houseboat or a mobile home.
Get in touch with our specialist Long Service Advance of Pay team today
For legal advice from solicitors who really understand the military, contact us today
- For free initial LSAP phone advice call Sara Fewell on  422300
- or complete the contact form below