Encouraging Asset Ownership

HBOS strongly advocates that regular saving provides individuals with a pool of financial assets for times of adversity, or to enhance long-term independence and opportunity.  To help customers start building their assets, HBOS has become involved in the following two initiatives:

Saving Gateway:

HBOS is the only financial provider to have piloted the Saving Gateway Scheme with the Government.  The initial pilot aimed to encourage saving by those on low incomes by providing matched funding from the Treasury.  Over 23,000 accounts were opened and the pilot finished at the end of 2006.  An independent review of this first pilot concluded that the scheme was capable of encouraging people to begin saving on an on-going basis and resulted in a second pilot to test variations in matched funding offers amongst a range of customer groups.  This second pilot is still underway and will be reviewed by the Government to assess the next steps.

Affordable Housing:

Under the Government's Shared Ownership Scheme, Halifax customers who are shared owners enjoy the same access to our products and services as other customers.  We are one of the four mortgage lenders working on the Government's Open Market HomeBuy Scheme , a shared equity scheme designed to help first time buyers, key workers and social tenants get on the home ownership ladder.  The scheme is the first time both Government and lenders are taking responsibility for sharing equity in properties to allow people to enter the housing market.