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KPMG staff offered ‘leg up’ mortgage ladder

KPMG EMPLOYEES look set to enjoy cheaper mortgages – and the firm steal a recruitment march on its rivals – thanks to a deal struck with Clydesdale and Yorkshire Banks which opens up deals normally only available the banks’ private clients.

Simon Collins, UK chairman of KPMG, said: “As a large employer we’re always looking for ways to help our people meet the different needs they have at various stages of their career.

“Our recent research with Shelter showed that more than half of all 20-34 year olds could be living with their parents by 2040 and housing prices could quadruple in the next 20 years if we don’t fix the housing crisis.

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

The problem is particularly acute in London – where around two-thirds of KPMG’s 12,000 staff are based – where the average home is now priced at £500,000.

A joint research report from KPMG and Shelter suggested than half of all 20-34 year olds could be living with their parents by 2040, as soaring housing costs caused by the shortage of affordable homes leave more and more people priced out of a home of their own.

The problem is particularly acute in London – now the most expensive city in the world – where the average home is now priced at £500,000.

Other suggestions include fully integrating new homes with local infrastructure and putting housing at the very centre of City Deals, to make sure towns and cities have the power to build the homes their communities need.

Clydesdale and Yorkshire Banks secured the deal after a competitive tender process. Part of the banks offering includes free private banking, travel insurance and mortgages at rates reserved for private banking customers. The bank has also set up a 24/7 helpline giving staff direct access to a private banking manager.

None of the other Big Four firms contacted by Accountancy Age offer their staff mortgage help.

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