Can foster carers get a mortgage?
You will be pleased to learn that foster carers can get a mortgage.
As long as you meet the lender's criteria, as a foster carer, you can qualify for a mortgage. You may find that there are additional checks performed before a lender makes a mortgage offer; however, our advisors are experienced in securing mortgages for foster carers.
At Money Helpdesk, we work with more than 100 lenders, including those who specialise in foster carer mortgages. We have helped many people like you to find their perfect mortgage, and we promise to make it as straightforward and stress-free as possible.
We understand that foster carers can face a challenge in getting a mortgage. If you're ready to get started, complete our simple online form now, or carry on reading to learn more.
How long do I need to have been a Foster Carer to get a mortgage?
Typically, you need to have been a Foster Carer for a minimum of six months to get a mortgage.
You may also find that lenders require a guarantee that you will be fostering for the foreseeable future, for example, a letter from your fostering agency or local authority.
How much of my foster carer income can be used for a mortgage?
As a foster carer, you will be treated as self-employed when it comes to your income, with many lenders calculating your income after deducting your carer's allowance.
You will then be left with a net-profit that is used to calculate your mortgage borrowing. This means that your income is deemed considerably lower than it actually is, which is the main problem for many foster carers.
We understand the complexities of foster carer income and work with specialist lenders to ensure we can include as much of your income as possible in the calculation.
Mortgage rates for foster carers
Foster carers can achieve the same rates on their mortgage as any other borrower. With foster carers, the only difference is that the pool of available lenders is reduced which means the number of available offers is reduced. By working with a whole-of-market mortgage broker such as Money Helpdesk, you will have access to the whole market and access the best rates possible.
How can I learn more?
Our experienced advisors have helped many foster carers to find their perfect mortgage. We search more than 20,000 mortgages to find you the best deal possible and save you money. Complete our quick and easy form and start your mortgage journey today - we promise to make it simple!
