RAF home loans

[puma fixer]

Hi.
Does anyone know if I went for a commission and got a short service commission of 9 years, would I still be able to apply for a half salary home loan as the way I read it, you need to have 10 years service left to apply for one.
Thanks.

 

[Joe_90]

My understanding is that it is taken back at a rate that will repay it in ten years. If you do less than ten years any outstanding is taken from your gratuity.

 

[PTR Hoar]

When I first got it I was on a 9 year engagement and because i was charged an amount that would pay the entirety back before completion of my 9 years. After signing on to 12 and subsequently 22 you get a fair bit more wiggle room.

 

[bluetonic]

Do you know when we can apply for a half salary home loan? Am i right in thinking April14? Thanks

 

[Downsizer]

I think so mate.

 

[Noidea]

Forces Help to Buy

Forces Help to Buy

Comes into effect from 1 Apr 14.

Expect the DiN to be published in the net few weeks with the details(broadly similar to LSAP rules) . In essence, up to 50% of your salary capped at £25k. Likely to be repayable over 10 year period, but if you go before that then any balance taken from your gratuity. Once taken expect to loose eligibility for SFA.

Remember this is only a trial for 3 years.