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Parental Advisory. The foulest new word in the English language – it might just help your children get on the housing ladder

“Homillionaires” sounds as ugly as it looks but it reflects a reality for many people in the South East. They own an asset worthy of a lottery win and yet they see their children facing a future of renting or “boomeranging” home.

Our research has shown that many parents rather like having their adult children home again. The hormones have settled down, the likelihood of a shouting match or sulk has dropped, the conversation is grown up and keeps parents current. 

However, it’s not ideal. Young people need to express their independence and the parents want and need to let go. What can asset-rich, cash poor, “homillionaires” do?

Think hard about using the equity built up in the home to underpin The Family Mortgage. It is a very creative and easy to understand concept ,with built in security if a young person loses his or her job through no fault of their own. A charge against that equity for up to 10 years can make a dramatic difference to the size of the deposit required and the mortgage repayments on that first home. House_pic_Mortgage_blog_125806499

What if you aren’t (yet) a “homillionaire”? It doesn’t matter as long as there’s sufficient equity in your home.

 

 

Will your status spawn a new name? “Half-homillionaire”; “three-quarter-homillionaire? Don’t worry, they aren’t going to catch on. On the other hand, we’re pretty sure *The Family Mortgage will because it is the right product for our time.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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