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Parenthood is Mother Nature’s great leap of faith.

It is impossible for anyone who does not have children to know what being a parent really means - until you have actually become a parent. Then you really know.

Make sense? Good.

There is joy and frustration in equal measure; elation and exhaustion go hand in hand and tears of anger and joy flow in equal measure. But one constant that every parent knows is that the little bundles are, bless them, expensive.
No-one can really work out why it is that such small creatures come with such colossal amounts of kit, for a start.
And on top of everything else, for this generation of parents this can come double as you add the cruel paradox of both partners working and therefore having to pay from their earnings the usually brutal cost of childcare.

ChildcareNow it emerges that in the wake of a tightening of mortgage lending criteria, the regular bill for childcare is biting so hard on young families that one in six is being turned down for a mortgage or offered less than they need.
A survey by utilities price comparison site Uswitch asked 1,000 parents with children aged 12 or under who had applied for a mortgage in the last ten years.

Of those, 17 per cent said they had been turned down for a mortgage or offered a smaller loan than they expected, directly owing to the cost of childcare. The aim of mortgage market changes, the Council of Mortgage Lenders has said, is to ensure that all mortgages become ‘affordable’ i.e that the borrower(s) can afford to pay it.

Whatever the cause, however, we at the Family Building Society are committed to providing achievable alternatives to get families into homes they own with innovative products designed specifically for that purpose.

Our unique Family Mortgage allows members of the family: mum, dad, aunts, uncles and grandparents to deploy their savings, and the equity in their homes, to help the younger generation raise that difficult deposit without endangering that capital. We can also offer you and your family a leg-up with our Helping Hand Saver account which offers relatives a uniquely easy way of putting aside some money to invest for the future of the next generation.

And our Offset Mortgage can also help you to reach your goals as well as helping to make repayments more affordable.

The Family Building Society has led the way in helping first time buyers into their own homes – and has been doing so since July 2014 when we launched the pioneering Family Mortgage.

Find out more about our family friendly mortgages for first time home buyers here.

By Steve McDowell

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Family Building Society
Ebbisham House
30 Church Street
Surrey KT17 4NL
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