From City AM:
A SCHEME that allows people renting property to take out an interest-free loan from their employer for their deposit is to be rolled out across the UK after launching in London last year.
The scheme, which will work like the season ticket loan, already in place to help commuters pay for their travel costs, was launched by London Mayor Boris Johnson with charity Shelter yesterday. The Co-operative Group will be the first employer to offer it to its 70,000-plus employees.
a) Those deposits will be leveraged up with commensurately larger mortgages.
b) The worker who takes that first sweet taste of Home-Owner-Ism will henceforth be beholden to his boss.
"Sir, how about a pay rise to help me pay off my mortgage?"
"Hmm, interesting... how about I don't call in that £10,000 interest-free loan?"
Debate Magazine
