Foster Carer Mortgages
If you are a foster carer and have the pressures of looking after children in your care, as well as running a busy home, issues with mortgage applications can feel time-consuming and stressful.
Your income structure will also work a little differently than a typical employment role, and the affordability assessment accompanied by a new mortgage application will work on a different basis.
Should you have been turned down by your lender, or been offered rates that don't seem competitive, give the mortgage advisors team a call. We have years of experience in negotiating specialist mortgages for professionals, and those in 'non-standard' forms of work.
Get in touch on 0330 304 3040 or email us at [email protected].
Can UK Foster Carers Get a Mortgage?
They can, yes - it's all about understanding the lending criteria, and applying only to mortgage providers who you know will accept your circumstances.
Some mainstream lenders can have specific conditions for lending to foster carers, with some of the most typical requirements bring:
- An assessment of your average net profit per year, after deducting allowances.
- A minimum experience of six months as a foster carer.
- Evidence that you expect to continue fostering in the future - this is most often demonstrated with a local authority letter or written verification from a fostering agency.
Given the deduction of your foster carer allowances to arrive at an annual net profit figure, you might find that many lenders are unable to offer as high a value as you wish to borrow.
In this case, it is vital to work with an experienced broker who can liaise with a lender to ensure your carer's allowance is included within the income calculation so that you are approved for the lending you need.
2023-05-09 
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