 scheme to save up more than £9,000 to afford a deposit and additional fees. An SAYE scheme lets you save regularly through your employer's payroll over a three or five-year period. You are then given the choice of taking every penny or your savings back, plus interest, or using the cash to buy shares in your employer. You can save up to £500 a month under the scheme, plus you get to keep any interest tax-free. The savings are taken directly from your pay packet, which means the money never goes into your bank account. This means that if you find it tricky to save, you won't be tempted to spend it rather than save it. But it's important to note that while you do get some interest on your cash, it might not be as competitive as other savings accounts. Research websites like MoneyFacts.co.uk and price comparison websites such as Compare the Market, Go Compare and MoneySupermarket will show you the best rates available so you can compare. Plus, not all companies offer these schemes. You should check with your HR department to see if your employer has one on offer. If not then don't worry, because there are other accounts on offer that could help you save for a deposit. A Lifetime Isa can be opened by anyone aged 18 to 39 and the government will add 25% to your savings , up to a maximum of £1,000 a year. That means if you put in £4,000 a year you'll get a £1,000 free cash bonus to put towards your first){kind=link}
A LITTLE-known work perk helped Alens Gindra save £7,000 towards his £150,000 first home and he said it couldn’t have been easier.
Alens, 25, and his partner, Katie, 24, bought their three-bedroom first home in Warrington in April this year.
Alens used a Sharesave, or Save As You Earn (SAYE) scheme to save up more than £9,000 to afford a deposit and additional fees.
An SAYE scheme lets you save regularly through your employer’s payroll over a three or five-year period.
You are then given the choice of taking every penny or your savings back, plus interest, or using the cash to buy shares in your employer.