Save-to-buy schemes 'good for first time buyers'

17-May-2007

Save-to-buy benefit schemes are a good option for first time home buyers, an expert has claimed.

According to Kate Hamilton, homes and property editor of BuyAssociation, save-to-buy schemes may offer first time home buyers "money for nothing" as participating employers can choose to contribute funds towards the total amount saved.

Such schemes operate by an employee making salary contributions of between three and six per cent.

"Anything that helps first time home buyers get on the ladder is obviously going to be beneficial," said Ms Hamilton.

"[Save-to-buy schemes help] especially in London and the South East where … salaries are just not proportionate to how much more expensive property is," she added.

Approximately 50 companies in the UK are thought to offer such a scheme.

BuyAssociation offers advice on a number of issues, including overseas property and cosmetic surgery.

To find out about the different ways of financing a first home, see our section ‘Affording Your First Home’.

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