National Counties Building Society has launched the UK's first ever mortgage waiver product, giving borrowers built-in protection from unemployment.
Under a new brand, The Family Building Society, National Counties hope that their Family Mortgage will make it easier for young adults to get onto the property ladder whilst also providing them with up to six months protection should they lose their job through no fault of their own.
Roger Humber, CEO at Waiver Experts ‘Protection Products' said "Mortgage Waiver is a relatively simple concept. It's a promise from a lender to cancel mortgage payments if an event occur, such as unemployment.
"The borrower has not missed a payment, they are not in arrears and they have breathing space to regain employment without damaging their credit rating in the process."
National Counties will join a select group of firms to have launched a waiver feature which includes Peugeot and Citroen in the motor market and Hitachi Capital and a number of credit unions in the lending market.
Humber said: "Given time I expect all mortgage products to offer a mortgage waiver feature. It is such a simple solution that is used to protect borrowers in New Zealand, Australia, Canada and the US. I'm only surprised it has taken the UK this long to finally adopt it."
