The aim of the Family Building Society is to give parents and grandparents the opportunity to help out the younger generation in their efforts to get on to the housing ladder.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The Family Building Society is a new addition to the long established National Counties Building Society, which has been in operation since 1896. The society only came into the existence in July 2014 and is the first new building society to open its doors in the UK since 1981.
The Family BS isn’t a truly independent building society because it is tied to the National Counties Building Society, but it does operate a separate division and has its own products. The Family Building Society does not have any branches. Customers wishing to access its products and services will need to contact the society via telephone or through their website.
With the aim to help the younger generation on to the property ladder, they have a number of different products for families, including a selection of savings accounts, insurance products and Family BS mortgages. The society can also offer advice on later life financial planning.
Family Building Society’s main product is a mortgage where parents and grandparents can use their financial resources to reduce a first time buyer’s monthly mortgage repayments. The society gives family members three ways of doing this. They can gift some money, deposit savings in a Family Building Society savings account as equity for the loan and earn interest, or deposit money in a savings account and use this to offset the mortgage.
With a Family Building Society Family Mortgage, payments can be waived for up to six months in the event of a no-fault redundancy.
The society also offers a low-start Family BS mortgage for customers who are starting again after a relationship breakdown. The mortgage is interest only for the first couple of years, which keeps repayments low to allow the homeowner get back on their feet.
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