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Mortgages for foster carers

Author: Myles Robinson - Expert Finance Advisor

Posted: Jul 7, 2022

Mortgages for foster carers

As mortgage brokers, we often get asked about mortgages for foster carers, help for a foster carer mortgage is available. We have mortgage lenders who can help you receive mortgages for foster carers.

Contact today for free mortgage advice and be introduced to mortgage lenders who offer mortgages for foster carers.

For Foster carers who have children to care for and a household to run, it is crucial to get a great deal on a mortgage. As mortgage brokers, we understand this is crucial so we have the best mortgages for foster carers available.

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Get the best Foster carer mortgage loans & advice

Mortgage advice can save you time, and money and ensure you receive the best mortgage available. We have a few mortgage providers lending to foster parents. We can also explain the mortgage process and how your foster income will be calculated for your mortgage affordability.

You may wonder how lenders calculate your mortgage affordability since your foster income is different from other incomes.

Lenders may have stricter requirements in some cases. It can be difficult to find the right place to get a great deal. We’ll help you find the best mortgage deal for you.

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Can I get a mortgage if I’m a foster carer?

Yes! you can get a mortgage as a foster caregiver as long as your general requirements are met.

Although some lenders may have additional requirements for foster carers which can make it more difficult to get a mortgage, there are still many good deals.

These are the most common requirements to get a mortgage for a foster carer…

  • High street lenders will assess your ability to repay a loan. They calculate net profits after subtracting foster carer allowances.
  • Lenders typically require that you have fostered for at least six months.
  • Lenders may require proof that your foster care will continue. To show potential mortgage lenders proof of your income, you can ask your local authority or agency for a letter.

Lenders may deduct foster carer allowances from the net profit of your income, which could have a serious impact on your ability to afford a mortgage and the quality of any loan offered.

A mortgage advisor can help find a lender who will treat your entire foster carer allowance as income, and offer you a great mortgage deal.

We can help you find the best lenders to finance your foster carer mortgage. Call us today or submit an inquiry. We will connect you with the best advisor for your situation.

How can I find the best mortgage lender for foster carers

You need to look beyond high-street lenders when searching for the best mortgages available for foster carers. Look for lenders that will calculate your mortgage affordability based on your income.

While some lenders might require a higher deposit than the average, others will only require the minimum 5% deposit for someone who is employed or self-employed. While you can search the internet for specialist foster carer mortgages, it is important to evaluate all available lenders to determine the best.

A mortgage broker who is an expert foster carer can help you save time and money by quickly comparing all the available options to find providers that are right for you.

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Where can I get a mortgage at a low rate for foster carers

Many lenders don’t consider your entire income when assessing affordability. This could lead to higher rates being offered than those offered to people who have a regular income or are self-employed.

However, foster carers do not have to be at a disadvantage to get a great mortgage deal. There are lenders who have experience in granting mortgages to foster carer families and will not differentiate between employment income and fostering income.

It pays huge dividends to take the time to research the market and speak to experts when it comes to finding affordable mortgages for the foster carers.

A lower mortgage interest rate means less money over a longer time period – and compounding savings is something we all know. We will connect you with an expert to help secure a mortgage for a foster carer.

What mortgages are best for foster carers?

Foster carers have the best mortgage deals. These mortgage deals calculate your affordability based on your total income. They use your remittance slips rather than your self-assessment tax returns.

A great deal will give you a competitive rate and allow you to borrow the same amount as someone who is self-assessed with regular income. A 5% down payment is all that’s required to get a mortgage for a foster carer. However, this amount will depend on your situation.

A broker who has years of experience in the field of securing foster home loans will be able direct you to the best choice for a foster mortgage. A broker can help you determine the best type of foster mortgage deal for you based on your particular situation.

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Talk to an expert about foster carer mortgages right away!

If you are a foster carer and you’re looking for a mortgage, there are many options. But you might have to look beyond high street lenders.

A mortgage advisor who has years of experience matching foster carers and their ideal lender is the best person to help you.

We work with proven mortgage lenders that quickly understand your situation and make the process of applying for a mortgage easy and painless. Call today to make an enquiry.

Relax and let us do the rest. There is no charge and absolutely no obligation to improve your credit rating.

FAQS for mortgages for foster carers:

Is it possible to get a mortgage on the basis of my income as a foster caregiver?

Absolutely! Yes! Some lenders will let you use 100% of your fostering income. We have a variety of lenders we work with that will accept your entire fostering income.

High street lenders might ask for your net profit after subtracting your foster care allowances. However, this will result in a significantly lower income than what you receive.

How much deposit do I need to purchase a property?

You will need a minimum of five percent deposit to become a foster caregiver. This deposit is the same as what you would need for self-employed or employed applicants.

How many years do I have to be fostering?

High street lenders require that you have fostered for at least six consecutive months. Some non-high street lenders may also consider you if your foster care has been for less than three months. This may lead to lower interest rates, but it is worth noting.

How can I prove my income as a foster caregiver?

The lender will have a different policy, but you will most likely need remittance forms from the fostering agency, not accounts.

I am a first-time buyer and foster carer. Can I use the Help to Buy program?

Yes. Fostering income can be treated in the same manner as income from work if the lender is right. This means that 100% of the income can also be considered. This will enable you to buy a property new-built with as little as a 5% deposit and additional assistance through the Help to Buy program.

Is it possible to remortgage my house?

You can remortgage to get a better rate or to fund home improvements or debt consolidation. This will require a lender that accepts 100% of your fostering income.

Is it possible to purchase a Buy to Let property for a foster carer?

Yes. A Buy-to-Let property will require a minimum of a 25% deposit.

We understand the difficulties foster carers face when trying to get a mortgage. We have many years of experience helping foster caregivers to obtain mortgages and re-mortgage. The Fostering Network members receive a £150 discount on their arrangement fees.

Contact us today for mortgage advice from mortgage brokers.

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