Helping our employees to buy their first home

Posted on December 7, 2015 by Laura Miller

Simplyhealth - Employee Home Buy SchemeWe're dedicated to supporting our people and helping them to succeed, not only in their role, but outside of work too. We know that buying your first home is something that many people strive to achieve, but the need for a large deposit can make it difficult to get on the property ladder.

That's why, back in 2004 when house prices were beginning to rise, we launched our First Home Scheme which allows our employees to save between 3% and 6% of their basic monthly salary and Simplyhealth will match fund it when they come to buy their first home. We paid out £22,916 through the scheme in 2014 and have helped 52 employees get on the property ladder since we launched the initiative, including marketing assistant Natasha Slaven, who bought a two-bedroom home in June 2014 with her partner Nathan Anderson.

Natasha, aged 23, joined the scheme back in 2008. She says: "We would probably still be living at home with our parents if it wasn't for this scheme as it would easily have taken us another two to three years of saving ourselves to get the deposit we needed.

When I enrolled in the scheme I was 16 so I wasn't looking to buy a house at the time but I knew it was something I wanted to do in the future and thought enrolling was a great way of being able to save towards it. I chose to save the maximum 6% of my basic monthly salary but would have contributed more through the scheme if I could."

The First Home Scheme has evolved since its launch and can now be used by employees to help buy a property through shared ownership.

Natasha adds: "It's the best benefit Simplyhealth offers because it has helped me so much. With a pension you contribute to it every month but it's not something you will use until years later. Saving for a house was more immediate but also more relevant to me at the time. Now I have bought my house, I have opted to receive match funding in Simplyhealth's pension scheme."

Simplyhealth employees can either opt for match funding on this scheme, our pension scheme or our student loan repayment matching scheme at any one time. We help our employees to repay their student loan by match funding the amount they repay through PAYE to the Student Loans Company for up to ten years.