Mortgage for foster carer?

Skye32

Hi, my husband and I need to buy a bigger house, which means a bigger mortgage. He works full time and we are also foster carers to three children. These children are with us longterm.

My question is are there many banks or building societies that take foster carers allowances into consideration?


Thanks for any advice.

Goldiegirl

When I worked for the Halifax, they would include some of foster carers allowance, but only the 'reward element' i.e. that money paid to you as a salary for being a foster carer. Any money paid for the upkeep of the children would not be included in the calculations.

This was three years ago, things could have changed in the mean time.

redapple1

Hi.Do you get the foster talk magazine?
I think there is a company in there that specialises in foster carer mortgages and offers financial advice.

inkythumbs

I'm a foster carer and the allowances weren't taken into account when I got my mortgage. However, since then I have been moved by the local authority from an allowance to a fee, and the difference (about £70 per week) would be included, if I needed another mortgage. At least that's my understanding of the situation - I haven't tested it.

Conrad

There's a small specialist lender for such situations. A good experienced broker should have access to them.

Skye32

Thanks for all the advice. Just need to find a good broker now!