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.
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.
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
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.
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.
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...