Mortgage for foster carers

[mumsiepie]

Hi, Has anyone any experience getting a mortgage through Endsleigh mortgage brokers? They advertise they can get mortgages for foster carers as it is difficult to borrow nowadays and I was told today from a financial adviser he had tried several lenders and no one would lend to me.

[maypole1]

Hi are you sure you can afford it you do have dry spells or have you away to make money when you don't have any children

[mumsiepie]

It's not a huge amount and many mortgages are flexible nowadays. I have done my sums and reckon I can do it.

[WereOffToSeeTheWizard]

Will watch thread with interest. I am starting to foster soon. Don't need a new mortgage yet but hope to move in a couple of years. Is it hard to get a mortgage if you foster full time?

[mumsiepie]

It is nowadays hard to get a (re)mortgage on fostering income and this is all to do with the fact we dont pay tax on our income. For some reason it is all determined by that fact and virtually no lenders will consider anyone who fosters now. A few years ago they would. Anyway, I did a google search and happened upon Endsleigh who say they specialise in finding mortgages for foster carers amongst other things. I have spoken to someone tonight and he will ring me back tomorrow to let me know if I can do it.

[WereOffToSeeTheWizard]

Let me know how you get on !

[mumsiepie]

Thanks WereOffToSeeTheWizard I spoke to the guy from Endsleigh today and the lender has amazingly agreed and I am very very happy! Good luck with your fostering, I hope it goes well.

[WereOffToSeeTheWizard]

ooh fab. Really nosey question but it is an anonymous forum ! how much are you borrowing? I think i'll only need to borrow about 50k when the time is right. Good luck with the move !

[mumsiepie]

80k and they would have been happy to give me more but thats enough. Don't know who it is yet that Endsleigh have approached but it is a high street branch. Apparently there are 2 lenders they have found who will take foster carers income into account, and Endsleigh only take a small fee £250 which is fine because before finding them it looked like I wouldn't be able to get one. We are moving back into our marital home (long story) x

[WereOffToSeeTheWizard]

mm that does sound like a long story
thanks for letting me know

[FosterHolmes]

We have just had a mortgage approved. Stephen Holend from Endsleigh helped us get a mortgage with Nationwide, so it is posible for us FCs to get one.
Give him a try and good luck

[mumsiepie]

Yes, it is Stephen I am dealing with and it is almost finalised now! Thanks

[Mumpots]

There is a Mortgage Broker called Designed Mortgages who do mortgages for foster carers. They are so efficient I can highly recommend them. From application to Offer of Loan took 4 days, and they use well known lenders none of the obscure ones. I know of numerous people who have obtained their mortgages here, and they cannot speak highly enough of the service they got. Even up to 90-95% loans which was a huge surprise..and relief considering only 7 months fostering history. Their phone number is 01505-863775 and is definitely worth a phone call. A small fee is charged but well worth it. Good luck.

[Mumpots]

By the way, they do mortgages for buying, and for remortgages and you are also able to build in any loans or credit cards.

[Rubyx]

I think the best one would be someone like mortgage works, we have had 50K of them recently to buy a rental place... they are part of nationwide

[Jackyp1]

I have to say thank you for all the above information. We have been foster carers for 6 years and only recently applied for remortgaging but were turned down "because our company doesn't take foster carer payments/work into consideration", and this was with our bank! They see the foster payments regularly going in each week and they still would not take the payments into consideration. We shall certainly try the companies suggested, again, thank you.

[bonnieslilsister]

I am a big fan of Steve. He helped me get my mortgage.

[bonnieslilsister]

Anyone else sceptical about the last two posts? Someone selling mortgages methinks! Can spot it a mile off! Both written by same person with usernames never used before!

[ImperialBlether]

I know bonnieslilsister in RL and can confirm she is a long standing foster carer.

I can quite see why she's sceptical. I've never ever seen people post phone numbers for mortgage companies on this site. People may recommend a particular bank but never ever include the phone number.

Reporting both as it's advertising.

[Mumpots]

I can't see what the big deal is here. Some of us have struggled to get a mortgage because we are foster carers, yet when we post helpful advice it doesn't seem to be welcome. It's beyond me I am afraid...either we want help, or we don't...

[bonnieslilsister]

I think if someone is offering advice in an honest way that is fine but to make up stories...