National IFA Chase de Vere has been appointed to provide financial advice to the customers of newly-launched The Family Building Society,
The firm said in a statement it will be the only firm of investment IFAs to work with The Family Building Society and will be predominantly providing advice on inheritance tax planning, long term care planning and funding for education costs.
The Family Building Society is a mutual based on the proposition that “families can help each other financially through well-designed mortgages,savings and other products”, bosses said in a statement.
Its products will allow parents and grandparents to use their financial resources to help younger people get in the housing ladder without having to give money away, the new firm said.
It will also provide access to financial services and products that meet the needs of family members at different stages of their lives.
Stephen Kavanagh, chief executive at Chase de Vere, said:“Our partnership with Family Building Society is an incredibly good fit. Both companies are focused on providing truly independent, comprehensive and tailored services to their clients.
“We already work with many clients in the so-called ‘sandwich generation’ who, as well as planning for their own needs, also have to take some responsibility for the financial welfare of their parents and children.”
As part of the launch proposition, The Family Building Society has launched the Low Start Mortgage, aimed at borrowers who are faced with significant changes to their financial circumstances.
Borrowers can take advantage of stepped monthly payments which are very low at outset and rise significantly after the first year of the term. The minimum property value is £125,000 and the minimum amount a buyer may borrow is £45,000.
Mark Bogard, chief executive of The Family Building Society said: “This is an entirely new, focused and joined up development in financial services that is designed to meet the changed financial landscape and a dependency on each other, for the family.
“Unlike the big banks, we don’t want to be all things to all people. We just want to serve families with particular needs, really well.The Family Building Society is a modern society with traditional values.
“The pattern of family life is rarely smooth for long, and every year many thousands of families hit serious turbulence. Big changes in one’s life can lead to complications with household budgets – particularly when you are faced with both expected and unexpected loss of income.”