Foster Care Mortgages

Foster Carers can find it hard to get a mortgage since fostering allowances are often not regarded as income for mortgage applications.

Obtaining a mortgage for Foster Carers can be exceptionally difficult, especially when their sole income is the allowance they receive for Fostering.

Regarded as self-employed

Foster carers are assessed differently than most self employed people for tax purposes and normally the vast majority of banks and building societies will only take into account the net income that usually shows on their tax returns or SA302 tax calculation form. As this net income is usually considerably less than the total gross amount which foster carers receive, it means that on paper, the mortgage becomes unaffordable.

We understand the particular circumstances surrounding Foster Carers

We understand the financial conditions & allowances around fostering and as keen supporters of foster parenting, we’ve established facilities with High Street building societies who will accept the total amount of allowance that foster carers receive as their main income and not just a proportion of it, even where foster carers do not have another part or full time job.