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Euro 2016 – There’s more than one way to bring it home

Love it or hate it, it seems like football just never goes away

Yet even if you are in the hate corner you can probably say this unique European Championship provides more potential for family fun than most.

For the first time England, Northern Ireland, the Republic of Ireland and Wales (sorry Scotland, you was robbed…!) are all competing for silverware – and hopefully in the sunshine at that – and so it’s a fine excuse for some kind of family get-together. And which one of us can’t claim heritage from one of these fine countries.

The very best of times are family times and so it might well be a good time to think about family finances.
And this, rather than the national game, is the purpose of the Family Building Society.

Image of a football and block calander dated 16 June One thing we can share with Euro16 is that we, too, are unique in this regard.

Take our Family Mortgage

Launched in 2014, the Family Mortgage serves up a fabulous cross to ball-hungry first time buyers by allowing other family members to also help raise a meaningful deposit - a strong midfield, if you like.

In particular, it also comes with a built-in six months payment waiver if you get sent off by your employer and lose your job through no fault of your own.

And there is the flexibility to use family cash held in a savings account, to offset this cash against the mortgage, as well as the ability to use the equity in a family member’s home. A fine substitution, perhaps. (OK, enough of the cheesy football gags now. Ed)

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.

So while some lenders make the news with attention grabbing headlines, before going to parents cap in hand, we say that the first time buyer ought to consider whether their lender, can like us, offer the following:

• A built-in payment waiver – a facility to meet the mortgage payments if the borrowers lose their job through no fault of their own, rather than expecting family members to.

• Accepts gifted deposits so the first time buyer doesn’t have to try to pay rent and save the deposit at the same time.

• A family inclusive and friendly offering – different family members can all do their bit (e.g. grandparents could put up cash, parents can offer a charge over property, and both families can help if it’s a joint purchase). This is not just mum & dad, but aunt, uncle and grandparents too.

• A Stamp Duty friendly loan that is in the first time buyers name(s) so the 3% charge for second properties is not incurred by the family members helping.

• The ability to offset a loan where cash is used as security, with payments calculated on the net loan giving a real cash benefit to the borrower.

Using the options available, a family could help a young person into their own home using a relatively small amount of cash:  a gift of the 5% deposit and a charge over their property for 20% could get a first time buyer immediately into their own home, leaving the family cash intact.

So you could say, just like the teams in France, we’re right at the top of our game.

And you can be assured, we’ll be watching the football as well.

Find out more about our family friendly mortgages here  or by calling one of our friendly advisers on 03330 140140. 

Steve McDowell

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