KPMG offers preferential staff mortgages

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The giant accounting firm is to offer its employees subsidised mortgage rates via Yorkshire and Clydesdale Banks.

According to a report in The Times, KPMG has been inspired by its work with homeless charity Shelter on the housing crisis to agree preferential terms for its staff with the lender group.

KPMG has more than 12,000 employees, about two-thirds of whom are based in London, where house prices have risen by more than 11% in the last year.

Simon Collins, UK chairman of KPMG, said:

“Owning a home is fast becoming a fairtale for all but society’s wealthiest. We are working hard to raie the issue with policymakers and clients, but we also want to make a tangible difference to our staff who also face this problem.”

KPMG/Shelter research reveals that more than half of all 20 to 34 year olds could be living with their parents by 2040 and that the cost of property could quadruple in the next 20 years if the housing shortgae is not addressed.

The details of the KPMG/Yorkshire/Clydesdale mortgages have not been revealed.

In the past, when Bank Base Rate was much higher, banks and building societies used to routinely offer staff mortgages to their own employees at preferential rates. However, in the last couple of decades such arrangements have been scrapped by most employers.