Many of us rely on friends and family for a little help with removals, but families can also be a useful source of financial support during what can be a very expensive process. A thoughtful housewarming gift or some unwanted second-hand items can cut the costs of settling into a new home, while more substantial gifts from family members are often a vital part of putting together a deposit. However, some of us could soon be relying on our relatives for even more help if we decide to take up the new family mortgage from the Family Building Society.
The new mortgage will help young people to obtain financing for their new home by allowing other family members to combine their resources and provide security for the loan. Parents and grandparents will be able to place their own savings together in an account with the building society, where it will earn interest while acting as security to enable the buyer to access a better rate of mortgage, with deposits of just 5%. Families can also back relative’s mortgages by using their own properties as security or use their savings to offset interest on part of the mortgage.
Even if this kind of financial arrangement is not right for you, it can still be a good idea to think about the other ways in which your friends and family might be able to help, particularly when you are organizing removals. Can you ask someone to help you out with childcare or pet sitting on removals day so that you can focus on getting everything to where it needs to be? Is there someone who will be happy to help with packing or unpacking? Do you know someone with a good eye who will enjoy helping you to decorate your new home? Anything that can make moving a little less stressful for you can be a great help, so make sure you use all of the resources that are available to you, from professional removals services to mothers in law who will send over a good dinner for you to reheat when you are ready to eat at the end of a long day.