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.

Hi thanks again mumpots for your advice 20.12. your post sooo useful. Apologies for those I may have offended by being too effervescent in my gratitude. Sometimes you get so desperate and disillusioned that when you can be helped.................... well enough said. Fostermel.

I remortgaged about 10 months ago and Halifax were happy to lend me up to £120k. That was way more than i needed, or could afford to repay (!) but they had no hesitation offering it.

We also had no problems with Halifax/Bank of Scotland recently. In fact I was stunned at how easy it was to get approval. Am an existing customer though.

I know this is a really old thread, but I want this to be avaiable for other foster carers who like me were reading threads like this looking for guidance and advice. My other half and I have been fostering for 8 years and as well as adopting our little girl we also have 2 LT foster children.I work full time where as my wife is a stay at home mum/foster mum. We contacted favourites finance who specialise in Foster Carer Mortgages and they were brilliant - we wanted in excess of £250K and the advice and support we have received has been brilliant! I wouldnt hesitate to recommend!!

I've just used Marilyn Parkins for the 3rd time in a few years, and have recommended her to many other foster carers. We are all absolutely delighted with the job she does.....she has moved and changed her address and phone numbers. They are now 01389-768400 and 0777-5830085......yet again she got us our mortgage offer within 10 days and has saved us hundreds of pounds every month. I cannot recommend her highly enough....very professional and she tells it as it is....we had tried other ways to get a mortgage and nobody would consider us based in our foster income, yet Marilyn did it in days.....we can't thank her enough....

Can be difficult depends which route you take most will charge 1% above bank rate, if you want too borrow mega too ensure large house , keeping payments too minimum., Is Interest only mortgage spread over longest possible term, never own the house as such but is good for long term as can continue too save, will increase equity in long term, pay off when you sell.,
down size, can buy new with equity, Good points you can buy (more cash) in better area. can use equity release too re: mortgage best for building project too increase equity.
Down point not many will grant interest only mortgages will have too search around.
Is for the long term plan only Just sold our 7 bed house (30 year Term). Had enough equity to buy new outright with a little left over.

We have used Marilyn at designed mortgages before and are in the process of using at the moment , we have had devision in principle but things are not going very smoothly , lots of little bits and bobs have happened , i shall update once completed …. It is very stressful 😊

Mortgage Brain are a regular advertiser with The Fostering Network and have a guy who specialises in mortgages for foster carers. He secured a 400K interest only remortgage for us with a building society based on our fostering income on a competitive 5 year fixed rate. I was a mortgage broker myself in years gone by and you have to go to someone who specialises in this area.

Afternoon,

I appreciate this thread is old but thought it may still appear if people are looking for information on mortgages when fostering. If so then the below may be useful information which is up to date as of January 2024.

Whilst most mortgage lenders won't accept foster income as a source for affordability there are still a great choice of lenders available. It would be advisable seeking out a mortgage broker who specialises in fostering as this is quite a niche area and finding someone who understands how fostering works, how your income is made up and the changeable nature of this will help them support your application through an underwriter.

Typically a mortgage lender will want to know

1. Is this the only source of income?
2. How long have you been fostering for?
3. Is 100% of the income needed for the mortgage?

There are around 14 lenders who will consider foster income ( out of the UK's average of 100 lenders)

They will each asses your income differently but predominantly the main two points they will use to asses income will either be

1. Two years worth of SA302's and Tax Year Overviews or
2. A Letter from your adopting authority outlining how long you have been fostering, the income received and whether this is likely to continue at the same level moving forwards.

In addition you will need the usual documentation such as ID, bank statements etc.

If you do not need to use the fostering income for affordability purposes then I would recommended excluding this income and you will then have a much greater choice of lenders available.

I hope this is helpful to anyone looking to renew their mortgage or obtain a new mortgage. If you would like more information or a free no obligation informal chat about Foster Carer Mortgages please do not hesitate to get in touch.