Product category:
Banking / credit / debt
News Release from: HSA | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 21 May 2007
HSA helps its employees get on the
property ladder (Trade)
Soaring house prices and rising interest rates mean that it's more important than ever for companies to help employees get their first important step on the property ladder, HSA claims.
Launched two years ago, the HSA 'Save to buy' scheme has been successful, with 20 employees already having purchased their first home via the scheme and a further 22 currently saving Recognising the difficulty people have in getting on the property ladder, and that the traditional pension benefit may not appeal to all, HSA set up the 'Save to buy' scheme as an alternative to the pension scheme
This article was originally published on Insidemoneytalk on 2 May 2007 at 8.00am (UK)
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Under the 'Save to Buy' scheme, HSA match an employee's own savings, between 3% and 6% of their salary.
When the employee is ready to buy their first home, HSA will pay their contribution to the employee in a lump sum.
Lee Nicholls, Employeer Brand and Values Manager, at HSA, explains, "With house prices ever-increasing, it's becoming more difficult for first time buyers".
"Last month alone house prices rose by 3.6%[1] and HSA believes it is vital that we offer our employees a support mechanism to help them get on the property ladder." "We've found the "Save to buy" scheme is a particularly valued benefit by employees".
"By matching the employee's savings we hope to try and ease the burden often associated with saving for a house and in turn ensure that our employees stay healthy and as happy as possible", Chris continues.
Carol Hanks is just one of 20 employees who joined the scheme and purchased a house.
Carol explains, "I joined the 'Save to buy' scheme because like other people, I was struggling to save enough for the deposit for my first home and house prices in Andover had risen".
"Knowing that HSA would match whatever I saved helped ease some of the financial burden and halved the amount of time I had to save".
"I've now been able to buy a home in Andover, close to where I work at HSA.".
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