In today’s Budget the chancellor Jeremy Hunt announced an offer of 30 hours of free childcare per month for children over nine months old.
The Treasury said that “every single eligible working parent of under-fives” will get this support by September 2025.
The childcare support is being phased in, beginning in Autumn 2024, when a General Election has been predicted to take place.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “It could be great news for parents looking to buy their family home as they could potentially borrow tens of thousands of pounds more when the Chancellor’s new 30 hours of weekly free childcare support for working parents comes into play.
“Childcare costs can make a big difference to mortgage affordability, so this monthly saving could result in more newly formed families being able to find a home which really suits their needs.”