New scheme could help first-time buyers save for a property

Permalink: New scheme could help first-time buyers save for a property
by Kay Murchie

A new scheme called save-to-buy could help first time buyers save for a deposit on their first home.

The scheme, which would be offered by their employers, means putting between 3% and 6% of their salary into a fund with the employer contributing to or, in some cases, matching their total savings.

This could benefit many young people, especially those with a student loan. According to Buy Association, the scheme is very helpful for young people moving to the capital. If people are moving to London, because that’s where the work is, then you won’t have the option of living with your parents while you are trying to save. Salaries are just not proportionate to how much more expensive property is.