Service Personnel Agency - mortgage deposit?

[issynoho]

I wonder if any of you can shed any light on this... We've sold our house to buyers whose solicitor has told our solicitor they are funding their deposit through the Services Personnel Agency. They say they've had to send all their paperwork off to them so can't yet give us a date for exchange/completion. Their mortgage has been approved from a building society.

To those of you who know the SPA, does that sound plausible? I've looked at the SPA website but can't see any relevant info.

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Sounds about right. I am a mortgage consultant and I have a client who is in the same situation.

Forces personnel can apply for up to 8.5K as a Long Service Advance of Pay (or LSAP). It is repaid through their wages or from their final end of service gratuity.

Most people use it to pay solicitors fees, rather than a top-OP to their mortgage. They will get whatever their solicitor asks for, up to a max of 8.5k.

It doesn't take long, is paid direct to the solicitor rather than the serviceperson and is all above board.