Fostering Mortgage

Jogga

Hi, just wondering if there are any foster carers on here who have re-mortgaged through one of the available specialist brokers out there..I found 2.

Looking for advice to pick through this minefield. We have been to panel and been accepted as foster carers however court doesn't decide for another 4 weeks. We are expecting 2 children to come and possibly another one after 6 months, this is kinship fostering so they are family. We are considering trying to finance an extension to our home through a remortgage but cannot use foster carers allowance to do this and may not be able to borrow due to poor affordability, we're both quite stretched at the moment. I am self employed and my partner works a 4 day week.

Following a discussion with a broker recently my partner is now worried we are breaking the original terms of the mortgage agreement and I am wondering if that is true and if so what do most foster carers do in this situation. I'll have lots more questions but this is the one that's keeping us awake at the moment. Grateful of any advice thanks.

AnotherJoe

I find it hard to beleive your mortgage ts&cs say that you cannot foster children

Jogga

I think that too, it's causing a lot of worry which could potentially make us rush towards remortgaging to finance the build which we may struggle to do. I think the scenario my partner is trying to avoid is when the children do come we'll have more dependents in the house which could also weigh against us when applying for a remortgage. I think she wants to do it now and secure the finance before the children come to avoid that scenario but I'm worried we won't have many chances to finance and want to be sure as possible we'll secure the finance. I favour waiting 6 months to enable us to evidence foster income and use part of that to finance the extension. We can use 30% of the allowance to do this.

I'm looking to find out how others have worked through this type of issue. To build now and risk not getting the finance or wait 6 months to better get our affairs in order. That's the kind of thing I'm looking for advice on too. I agree with you about the t and cs

sitesafe

Jogga wrote: »

I think that too, it's causing a lot of worry which could potentially make us rush towards remortgaging to finance the build which we may struggle to do. I think the scenario my partner is trying to avoid is when the children do come we'll have more dependents in the house which could also weigh against us when applying for a remortgage. I think she wants to do it now and secure the finance before the children come to avoid that scenario but I'm worried we won't have many chances to finance and want to be sure as possible we'll secure the finance. I favour waiting 6 months to enable us to evidence foster income and use part of that to finance the extension. We can use 30% of the allowance to do this.

I'm looking to find out how others have worked through this type of issue. To build now and risk not getting the finance or wait 6 months to better get our affairs in order. That's the kind of thing I'm looking for advice on too. I agree with you about the t and cs

I hope you get a positive result -my guess is that fostering is often very short term depending on the child you might foster but as yours is seemingly more of long term thing I would hope that would be taken into account. good luck

AnotherJoe

Why not apply now for the money to build an extension and if that doesn't work apply again in six months ?

Jogga

Thanks AnotherJoe, that seems to be the way its going but to get 70k with our current financial situation is going to be really hard but we'll have to see.

Ant32hony

Hi there,

Sorry it’s off topic for what you have asked.

But I am at the very start of a situation where I may have my friends child coming to live with me in the same manner as you have said.

I am just wondering how much allowance you receive ? I currently have a lodger who I will need to give notice to leave so I’m wondering if I’m going to end up much worse off.

Thank you

Caz3121

OP has not posted since April 2018...they are unlikely to see your question