Employee Mortgage Benefit Scheme

What is the employee mortgage benefit scheme and how does it all work? 

It’s a scheme that The Mortgage Quarter offers to add to a company’s benefit offering. It’s becoming really popular now for businesses to be interested in the financial wellbeing of their colleagues, and we’re looking to help with the extension of that.

Most people’s biggest outgoing normally is their mortgage payment, and so we provide advice to employees on any questions they have. We provide them with a safe environment to talk about these issues. The aim is to relieve the pressure, not only in their working life but also their home life.

The scheme provides all this advice for free. You could offer it to your own colleagues at no charge. Just sign up to The Mortgage Quarter and we’ll provide you with that service.

Who is the employee mortgage benefit scheme for?

It’s open to all employers. They sign up with The Mortgage Quarter and we’ll then do an introductory call to explain the details around how it works, and how you could offer it to your colleagues.

We work with some large firms throughout the UK, and smaller ones as well – down to just five employees. We have the largest employer in the UK signed up too.

We could offer sessions virtually, via a video call, we could attend lunch meetings, offer a drop-in service, or just provide information for your intranet on the services that we provide.

What are the benefits of this scheme for businesses and their employees?

We find that a lot of people are a bit afraid to talk about their finances or aren’t sure where to go. We’re just trying to make the subject more approachable and open it up to colleagues. We want there to be a safe space to talk to someone about this.

The benefit of the scheme is to help people talk about their finances and hopefully improve their budgeting, their finances and their outlook. That in turn could improve mental health, job performance, and also their home life as well.

Are there any costs involved?

Normally, there is a cost to get advice from us if you apply for a mortgage. We typically charge a fee of £399 on a successful mortgage offer, which is quite far down the line.

But for this scheme, we are waiving that £399. So if you take this benefit scheme, there’ll be no fees at all for your employees.

How can you apply for this scheme?

It’s as simple as contacting myself, as a director of The Mortgage Quarter. Pop me an email to james@tmq.org.uk and we could set up a discovery call to understand what you want to get out of this, and how else we could support in launching the scheme.

If it all works for you, we’ll work with you to launch the programme successfully. Then, for any colleague within your organisation who comes to us for advice, we’ll just waive the fees.

What else do we need to know about this scheme?

It’s been really successful and we’ve had lots of enquiries on the scheme. We cannot see any downsides because there’s no costs involved for you or your colleagues. It’s just a benefit that you’re adding for your people.

There are no tax implications for this. It’s solely that we are waiving our fee to make financial advice more approachable and more widely accessible