With Mortgage Applications Soaring, Is Now The Time For Employers To Get Involved?
Given the latest evidence of mortgage applications rising, now is perhaps the perfect time for employers to get involved and offer mortgage advice as an employee benefit to help employees acess this in-demand service.
Mortgage applications rose by 18% in the month of March, likely the result of the recently falling mortgage rates and rising loan-to-value ratios. This highlights one very important point for employers: that there is a demand amongst their staff for mortgage advice.
With more people looking to get on the property ladder, according to the figures, now is as good a time as any for employers to offer a truly valuable, practical and in-demand employee benefit by offering their staff mortgage advice sessions in the workplace.
With such sessions, employees will be able to ask the questions they need to ask to suss out just how the mortgage system works no matter which part of the UK they are looking to buy a property in – and there are indeed differences between the countries in the UK. Staff will have the opportunity to see what steps lie in front of them if they are to take out their first mortgage, as well as being able to direct specific questions to a mortgage adviser during face-to-face sessions.
Whether staff already have some grasp of how the mortgage process works or are complete strangers to the house-buying process then such a session will prove beneficial and, unlike some other employee benefits, the take-up rates are guaranteed to be high given the recent evidence of mortgages being currently in demand.
The best thing, though, for employers is that this is a fairly cheap employee benefit. Unlike some other benefits, this can be done on their own premises and without a major call-out fee. The fact that employers pay for the number of days’ mortgage advice they like and not per person means that a day of workplace mortgage advice provides excellent value-to-money and is becoming one of the more popular employee benefits for both employers and employees.
If you’d like any more information on how these sessions work or the current shape of the mortgage sector then please do get in touch with us here at DAM.
Did you know? At DAM we are running a survey which could win you a weekend away!
By taking 5 minutes to complete our survey on the future of employee benefits you'll be entered into a prize draw to win a weekend's stay at one of Malmaison's 13 UK locations.
Photo credit goes to Got Credit