The launch of payment waiver with the first UK building society is set to shake-up the mortgage market – providing a pioneering new mortgage feature that will provide peace of mind and protection to borrowers across the UK.
The newly formed Family Building Society, geared to helping parents and grandparents support the younger generation to get their foot on the property ladder, has embraced payment waiver because if offers unique protection for young home owners where repayments are met for up to six months if they lose their job through no fault of their own.
Mark Bogard, CEO of the Family Building society said added security was important to the customers they spoke to – especially for first time buyers and so payment waiver was introduced in response to that need.