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Foster Carer Mortgages

Can I factor in fostering income as a foster carer looking to apply for a mortgage - and how do lenders evaluate income for full-time foster carers without additional employment?

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Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2023-05-09
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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.

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Who Offers the Best Foster Carer Mortgages?

With this sort of specialist lending, you will almost always find better deals from niche lenders, rather than through a high street bank.

Ideally, you want a lender that:

  • Includes your allowances within their affordability calculations.
  • Will accept a reasonable deposit - some will take the standard 5% minimum, whereas others will enforce a much higher deposit.
  • Offer competitive rates and terms, best found by using an expert to provide like-for-like comparisons.

Where Can I Find the Lowest Interest Rates on a Foster Carer Mortgage?

As a mainstream lender will not assess your actual income in their affordability assessment, they are likely to offer higher interest rates, even if they can provide a mortgage for the value you need.

However, that doesn't mean you should accept non-competitive rates - contact the Revolution Brokers team for more support, in securing a mortgage at excellent terms.

It is well worth taking the time to seek independent advice, as a lower interest rate can save you thousands of pounds, as well as saving time and stress spent trying to find offers and calculate the comparison.

Which Mortgage Products are Best for Foster Carers?

The best mortgage as a foster carer will be one where all of your income is included, by a lender who has experience in lending to care professionals. This is done by using your remittance advice notes, rather than basing their maximum lending on your self-assessment tax returns.

You should be able to borrow with as low as a 5% deposit and achieve similar rates to anybody who is self-employed.

Revolution Brokers has years of experience in the UK mortgage market, and are on hand to advise on the best borrowing products to suit your requirements.

Expert Support for Foster Carer Mortgages in the UK

While it can be disheartening to be turned down for a mortgage, there are thousands of products and lenders away from the high street who often offer much more attractive deals!

Contact Revolution Brokers today on 0330 304 3040, and we will get started with identifying the best lending routes and finding mortgage providers who can offer a mortgage adapted to your circumstances.

Alternatively, drop us a message to [email protected], and we will be in touch shortly!

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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