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Mortgages for Foster Carers

Can I get a mortgage if I’m a foster carer? Get the right advice here.

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: August 11, 2021

Getting a good deal on a mortgage is vital for hard working foster carers with children to look after and a household to run. But since your income works a little differently from other people, you may be wondering how lenders will calculate your affordability.

In some cases, lenders may have more stringent requirements, and it’s not always easy to know where to go to get a good deal. In this article, we’ll aim to clarify just that and get you on your way to the best mortgage offer you qualify for.

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

Yes! As a foster carer you are eligible for a mortgage, as long as you meet the lender’s general requirements.

Despite some lenders having additional stipulations for foster carers, which can make getting a mortgage a bit trickier, the good news is that you can still get plenty of good mortgage deals.

Here are some common requirements for getting a  foster carer’s mortgage…

  • Most high street lenders will likely assess your affordability for a loan by calculating net profit after deducting your foster carer allowances.
  • Lenders generally require you to have been fostering for at least six months.
  • Lenders could require proof that your fostering will continue: you can request a letter from your local authority or fostering agency to show to potential mortgage lenders as proof of income.

If lenders deduct your foster carer allowances from your income’s net profit, this could seriously impact your mortgage affordability and the quality of the loan you are offered.

However, a mortgage advisor can help you find a lender that treats your entire foster carer’s allowance as income and offers you a good mortgage deal.

If you’d like help finding the best lenders for your foster carer mortgage give us a call on 0808 189 2301 or make an enquiry. We’ll connect you to the right advisor for your situation.

How do I find the best mortgage lenders for foster carers?

To find the best mortgages for foster carers, you’ll need to look beyond the high street lenders. Search the market for lenders who will calculate your mortgage affordability according to your total income. Some lenders may request a higher than average deposit, but others will only require the same minimum 5% deposit as someone who’s employed or self-employed. You can find some specialist foster carers’ mortgages through an initial online search, but you’ll need to compare all lenders on the market to find the best foster carer mortgages.

An expert foster carer mortgage broker can save you time and money by quickly comparing the whole market to bring you directly to providers who are a match for your situation.

Where can I find cheap mortgages for foster carers?

The fact that many lenders won’t take your whole income into consideration when assessing your affordability could mean you’re offered higher rates than those given to other people with regular employment or self-employed income.

But foster carers don’t have to be at a disadvantage when it comes to getting a good mortgage deal. There are lenders on the market which have specialist experience with foster carer mortgages and they won’t differentiate between fostering income and employment income.

When it comes to finding cheap mortgages for foster carers, taking the time to do your homework by researching the market and speaking to an expert advisor will pay off massive dividends.

The right mortgage interest rates mean less money spent over a long period of time – and we all know the power of compounding savings. Online Mortgage Advisor can help connect you to an expert in securing a cheap foster carer mortgage.

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What are the best mortgages for foster carers?

The best mortgages for foster carers are mortgage deals where the lender calculates your affordability according to your total income: they use your remittance slips instead of your self assessment tax returns.

A good deal will offer a very competitive rate and allow you to borrow a similar amount to someone self-assessment with other regular employment income. You should also be able to secure a foster carer mortgage with as little as a 5% deposit – although this  percentage will likely vary according to your circumstances.

A broker with years of experience in securing foster carer home loans will be able to take you directly to your best option for a foster carer mortgage.  An expert can advise on the particulars of your situation so you know what type of foster carer mortgage deal you should be able to secure.

Speak to an expert on foster carer mortgages today!

As a foster carer looking for a mortgage, you can rest assured that there are plenty of good options – but you may have to look beyond the high street lenders to find them!

An expert advisor with many years of experience in successfully matching foster carers with their ideal mortgage lender is best placed to advise you.

At Online Mortgage Advisor we only work with tried and proven mortgage brokers who quickly understand your needs and situation and then make the mortgage application process smooth and hassle-free. Get in touch on 0808 189 2301 or make an enquiry.

Then sit back and relax while we do all the hard work of connecting you to a broker who’s the right match for your situation. We don’t charge a fee and there’s absolutely no further obligation or marks to your credit rating.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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