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fostering & mortgages?

Having been to halifax today just to inquire about what they could offer as a mortage, i was surprized to hear that they could infact offer me nothing? Even though we earn a regular income and have permenant placements and proof of all earnings we were still turnned away! I understand that alot of what we earn is seen as 'allowances' but no one wants to touch us. Having come away from halifax deflated we seeked advice from a local independent finacial advisor who dismissed us straight away! Has anyone else had such a problem? Can anyone lead me to the answers? Andie

Comments

  • lin473
    lin473 Posts: 553 Forumite
    Only to say that we found that problem too .
    Only delayed matters for us though because we were in the process of adopting.
    Once the fostering allowance became adoption allowance it counted as income.
    Have you tried contacting BAAF as they may be able to advise you.
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I managed to get a shared ownership mortgage for someone who fostered children. She had one child on adoption allowance and a further two going though the process plus one child of her own. She was a single mother and also had a part time job which I think helped.

    I am sure there must be some lenders somewhere who would be willing to accept the allowance but i am unsure as to whether they would if it was your only source of income

    when i did the shared ownership case previously it was touch and go because the ages of the child and the length of time the allowance will be paid for it taken into account

    I would have a word with the childrens social worker if I was you, he/she must see these situations all the time
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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