Castle Trust, the UK’s specialist lender in equity loans has launched a new mortgage product specifically designed to support couples who are starting a family. The new Family Friendly Mortgage is an equity loan with no monthly payments which reduces the income strain of home ownership whilst one partner takes a career break to bring up a family.
“Our new product will reduce a couple’s monthly mortgage payments by at least 25 per cent” explains Sean Oldfield, CEO of Castle Trust. The Office of National Statistics’ latest data on births in England and Wales reveal that the average age of women having their first baby has risen every year for over 30 years. In 1970 the average age of a first time mother was 23.9, but by 2012 it was up to 30.7
“We can see that couples are waiting longer and longer to have their first child” says Oldfield. “Whilst there are a number of contributory factors, the impact of losing one income has been getting progressively more difficult to manage as long term house price inflation continues to outstrip earnings growth. We have worked really hard to design a product and lending criteria which will help new parents crack this problem”.
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