Family – the new building society launches

http://www.theguardian.com/money/2014/jul/14/family-new-phone-internet-building-society-launches

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The first new building society to launch for more than 30 years has opened for business.

Family building society has launched with a range of mortgages and savings accounts, and is targeting parents and grandparents who want to help younger family members to buy their first home.

It is the first new building society brand to enter the market since the Ecology opened its doors in 1981. However, Family building society is not a truly independent entity; it is part of National Counties building society, based in Epsom, Surrey, though it operates as a separate division with its own products. And there are no branches for people to visit – the Family is a phone- and internet-only business.

Its core home loan product is the Family mortgage, which allows family members to pool their resources to help a young person get on to the property ladder and reduce their monthly outlay, without having to hand over their money as a gift.

It also has a mortgage with lower initial monthly payments aimed at those who are trying to move on financially after suffering a relationship breakdown or divorce.

Family building society is particularly focusing on the so-called "sandwich generation": those in their 40s, 50s and 60s who carry the dual responsibility of caring for children or wanting to help them get on in life, alongside supporting elderly or disabled relatives.