Foster Carers can find it very hard to get a mortgage because fostering allowances are often not regarded as income for mortgage applications. This is frustrating for carers as they are often left wondering if they will ever be able to afford to buy their own property and let’s face it, considering the amazing job that you do it should not be such a hurdle.
The thing is, foster carer’s incomes as treated much as self-employed income, but they are treated differently to most self-employed people too. Sound confusing? The difference comes into play mainly for tax purposes. The majority of lenders only take the net income into account (that shows on a tax return) Of course this net income is considerably less than the total gross income so on paper it seems that the mortgage in not affordable. This is frustrating for carers who desperately want to get onto the property ladder and feel that they are being stopped from doing that by a whole load of red tape.
Hope for Foster Carers in the UK
We understand the challenges faced by foster carers when it comes to securing a mortgage and we want to help you. Working across the whole of the market, our advisers have established working relationships with lenders to ensure that 100% of the fostering income can be used. The best part is that you only need to have been a foster carer for six consecutive months. As an added bonus, we at The Mortgage Brain will never ask to see your accounts, and as any self-employed person knows this is always a worry when it comes to applying for a mortgage because you never can tell how a lender is going to interpret them.
We work with the Fostering Network to provide you with the best deals with the least possible fuss.
Click for further information on our Foster Care Mortgages service.