Providing a Voice for Foster Carers

We’re proud to be providing a voice for foster carers in the financial sector, says Enzo Mora CEO and founder of The Mortgage Brain

Did you know it’s estimated that we need around 6,500 more foster families across the UK? We recently sponsored the State of the Nations’ Foster Care 2024 Report and its launch at the Houses of Parliament, and it was great to see so many foster carers, social service staff, MPs and fostering advocates come together to discuss the findings. Since 2018 we have worked tirelessly to advocate for improvements in criteria and policy for foster carers in the financial sector to recognise the outstanding contribution that foster carers make to society and the importance of them having the right home. We’ve directly impacted the mortgage market for foster carers growing the number of lenders able to lend to this group from 3 to 20+ and will continue to work towards improvements.

More help for stretched buyers

Purchasing your first home is one of life’s milestones however the challenge of saving for a substantial deposit remains a significant obstacle for many, so we’re pleased to see that TSB has raised the maximum loan to value for Residential New Build houses and bungalows to 95%. This also applies to Shared Ownership purchases, now covering up to 95% of the customer’s share, subject to criteria. These changes will make it easier for first-time buyers to step onto the property ladder. Natwest have just increased their salary multiples for single and joint borrowers earning more than £40,000 and borrowing between 75% loan to value (LTV) and 90% offering them a loan to income (LTI) of up to five times. Those on a sole income of more than £75,000 or a joint income of over £100,000 borrowing between 75% and 90% LTV can get an LTI of up to five and a half times. All loans are subject to affordability and credit scoring.

No sweat if you miss the stamp duty deadline

While new Spring buyers will not beat this month’s stamp duty deadline, they will benefit from the highest property choice at this time of year since 2015 says Rightmove. The number of sales being agreed is 9% higher than at this time in 2024, a positive sign for the market post the stamp duty increase, and the number of new sellers is now 8% ahead of this time last year. Despite ongoing global uncertainty, the property market remains resilient, with positive signs of growth as spring approaches. All good news for anyone heading to the property market.

Wait and see?

While we’re now seeing the lowest mortgage rates for some years, some buyers may prefer to wait and see if rates drop further, although that could be risky as house prices are still heading up. However, we can offer the best of both worlds. If we find you an affordable deal now, you can go ahead with your house purchase, and we will reserve your mortgage at today’s price. If rates decrease, we can switch you to the lower rate anytime up to two weeks before completion. Our advisers do everything they can to help our customers achieve their home owning aspirations, just visit our website and click on our mortgage finder to start your own search.