The first new building society in thirty years has been launched today offering what it says is a new form of mortgage.
The Family Building Society is described as "a mutual firm based on the proposition that families can help each other financially in today's complex world through new, well-designed mortgages, savings and other products".
Bosses at the FBS said parents and/or grandparents can use their resources to help young people get on the housing ladder but without having to give their money away.
Mark Bogard, FBS chief executive, 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."
{desktop}{/desktop}{mobile}{/mobile}

He said it provides ways family members can support young people without having to makes gifts of money they might need themselves later in life.
Its main offering is The Family Mortgage which is designed to enable a family to provide help for their children trying to get on the housing ladder.
This allows family members to combine their finances to reduce repayment costs, without having to hand over their money as a gift and can be done through a parent, grandparent or other relative having one of the four following elements:

• an interest paying savings account where the sum deposited provides security for the mortgage so that the mortgage holder pays a lower rate; and/or
• an offsetting arrangement where the family member foregoes interest on savings so that the mortgage holder pays a lower overall rate of interest and no interest on the offset amount; and/or
• a charge on a parent or other family member's house to help reduce the need for a larger deposit
• a protection feature that is built in so that if the mortgage holder loses his or her job through no fault of their own, their share of the mortgage will be paid for up to six months.

Mr Bogard said the new mutual is designed to be tailored to the particular needs of family members at their varying stages of life.
He said: "We are living longer and need to provide for old age care. Parents want to support their children into independence but have their own needs to consider.
"Young people want independence but often have student debt and find it hard to save for a deposit. Also they don't want to be a further burden on their parents."
The Family Building Society is a trading name of National Counties Building Society.