April 27, 2015
Buying your first home is an exciting and life-changing achievement. However, the possibility of doing so for many first-time buyers is proving to be extremely difficult, and for some financially impossible.
With this knowledge, Hydrogen devised a ‘First Time Buyer’s Loan’ to help its UK based staff take their first steps onto the property ladder. Lending up to £10,000 interest-free, staff can put the money towards their deposit or purchase those all-important furniture items that can help turn empty rooms into a home.
Having relevant insight from work colleagues who struggled with purchasing their first property, Martin Smith, Team Manager for our oil & gas practice and the main pilot behind the scheme, presented the idea to CEO, Ian Temple. Martin explains: “As consultants work in a commission-based role, it can be difficult to secure a bank loan. In fact, it can be near impossible. The loan offers a financial gap to make the process of buying your first home easier.
“In addition, the scheme acknowledges and rewards staff for their long service to the company. We want staff to feel appreciated and know that their hard work is recognised. As the loan is interest-free and can be repaid over five years, individuals won’t have to worry too much about the no check loan adding to what is an already costly process.”
Originally discussed three years ago, the scheme was reprised by Ian and has been greatly received by staff. Speaking on his experience of working closely with Hydrogen’s CEO to develop the idea, Martin said: “Ian thinks outside the box and with his experience in start-up companies, he looks at things differently. Ian is a huge supporter of employee incentives and one of his main objectives is to help staff achieve one of their life goals.”
With the initiative fully underway, staff members who continue to establish themselves as top billers over a lengthy period of time can feel reassured that the company they work for fully supports them making such a life-changing investment.