• Fri. Aug 5th, 2022

What can employers do to help their employees buy their first home? – Social advantages

ByJulie J. Helfer

Jun 21, 2022

Current environmental and economic issues are causing many to struggle to pay their bills, and this comes at a time when more and more young people are struggling to get a foot on the real estate ladder due to the rise real estate prices and below inflation Salary increases.

The government recently revealed plans to help benefit recipients move up the property ladder, but for those in work, central support is not so forthcoming. However, there are many things employers can do to support their workforce in this time of unprecedented compression of our incomes and rapid house price inflation, and help them gain a foothold on the ladder of the property.

The most important thing employers can do is make sure they are committed to fair wage as it gives staff the income needed to save for a deposit, often on top of costly rent, and puts them in the best possible position to secure a mortgage when approaching their bank.

But the quality of the contract they are on is also essential. Lenders want to see applicants in stable, continuous employment, making it difficult for those on zero-hour contracts or temporary arrangements to get mortgage approval. Employers also need to be on hand to support them through the process, providing supporting documents to their employees if required by lenders and providing flexibility to manage the complex business of buying a home. home while continuing to successfully accomplish their daily work.

All this is very important, and it is true that the opportunity to acquire real estate allows people to flourish, improve their social position and welfare for themselves and their families.

Alison Watson is head of the School of Leadership and Management at Arden University