Mortgages for Foster Carers

At Elementary Mortgage Solutions, we have years of experience successfully arranging mortgages for foster carers.

We offer a free, no-obligation mortgage consultation where we discuss your situation and answer any questions you may have.

(Your home may be repossessed if you do not keep up repayments on your mortgage)

Book your FREE mortgage consultation, call 0115 7845780 or simply enter your details below

Expert Mortgage Advice for Foster Carers

Elementary Mortgage Solutions are experts in recommending and arranging mortgages for foster carers.

Our mortgage brokers work with a panel of lenders, which means, we are not tied to any one provider and can compare thousands of products to find the best one that meets your circumstances.

Our Happy Customers

Alexandra Bonnar
Alexandra Bonnar
21/11/2023
Ivan is excellent! Very helpful, dedicated to his work and goes the extra mile.
The Mabbutts
The Mabbutts
04/09/2023
Ivan has provided us with outstanding service. He has gone above and beyond what we expected. He helped us with our mortgage when moving house. We will be returning every time our mortgage is up for renewal.
Daniel Fardell
Daniel Fardell
10/05/2023
All round great service & results from Ivan. Extremely knowledgeable, very approachable & always has his clients best interests at heart.
Antonio Banderes
Antonio Banderes
26/04/2023
Great to work with, felt like we were thier top priority. Communication and availability 5/5
Lee Wigglesworth
Lee Wigglesworth
19/04/2023
I highly recommend Ivan at Elementary Mortgage Solutions. He was very helpful, always talking me through things I was unsure about putting my mind at ease. He helped me through a time length of 18 months and was always easy to get hold of and quick to reply if ever I needed him.
Dean Warsop
Dean Warsop
10/03/2023
My mortgage application went as smoothly as it could with the help of Ivan who went above and beyond with his time and efforts to get it sorted as soon as possible. Everything he did was explained in terms I could understand and he was never more than a phone call away to answer any questions we had. I couldn’t recommend Ivan highly enough and have passed his details to numerous friends. All I can add is my gratitude to Ivan for his hard work and being available every step of the way. A fantastic man and very good at what he does. Many thanks again
Robyn Kirk
Robyn Kirk
04/01/2023
We didn't have the easiest circumstances however ivan was very honest with us from the beginning. He outlined a number of options for us and when the time came for us to apply for a mortgage the process was easy and stress free due to ivan's brilliant communication and transparency. We couldn't thank ivan enough because he made it possible for us to get our first home.
Andrew Littlewood
Andrew Littlewood
03/01/2023
Brilliant advice and products from Ivan as always I won’t go anywhere else .
Steph Lonergan
Steph Lonergan
22/12/2022
Would highly recommend using Elementary Mortgage Solutions. Done amazing at finding us the best mortgage for our new home. Very helpful and always available if need to ask any questions, worth every penny.
Will Shaw
Will Shaw
20/12/2022
Ivan was absolutely amazing from start to finish. We had a few set backs on our side of things due a global pandemic and then several houses falling trough but he never gave up, he kept going for us and kept us updated regularly and we have now finally got the keys to our very first home just intime for Christmas. He made the whole process a breeze sorted all our insurance's out for us so we had the right cover at the right budget. Honestly 5 stars doesn't even come close wouldn't hesitate to recommend him and Elementary Mortgage Solutions to anyone.

Why is it Difficult to Get a Mortgage as a Foster Carer

Getting a mortgage as a foster carer is often far from straightforward. The standard criteria lenders use to assess a borrower’s suitability for a mortgage isn’t typically compatible with how foster carers are paid. This is because many lenders don’t view the foster allowance as proof of income and consequently class foster carers as self-employed.

When applying for a mortgage as self-employed, lenders will typically require the last two years of tax calculations as proof of affordability. As fostering allowance​ generally isn’t taxed, the tax calculation will show an income of £0, making the mortgage appear, on paper, to be unaffordable.

Seeking Expert Help

As a foster carer, navigating the mortgage market can be time consuming and frustrating. However, with an experienced mortgage broker that understands the complexities of fostering income by your side, you can still find competitive mortgage products that suit your situation.

At Elementary Mortgage Solutions, we have years of experience successfully arranging mortgages for foster carers.

Our mortgage brokers have an in-depth knowledge of the mortgage market. They can approach lenders that will allow you to use up to 100% of your fostering income whilst also treating you as a regularly employed person rather than self-employed.

Foster Carer Mortgage Criteria

When assessing suitability for a mortgage, lenders will look at the standard criteria, including the size of the deposit, credit history and property types, as well as specific criteria relevant to foster carers;

  • Most lenders will only lend to a foster carer with a minimum of 6 months’ experience. Typically, the longer you’ve been a foster carer, the more mortgage options you will have available to you.
  • You may be asked to provide evidence, either from a fostering agency or local authority, that your foster care will continue for the foreseeable future.
  • When assessing your affordability for a mortgage, lenders will want to know how many dependent children are in the household. This will include your own children and those being fostered.
  • You will also be asked to provide details of any additional income aside from your foster carer allowance, for example, salary from a second job.

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Foster Care Mortgages FAQ’s

What Deposits are Required?

In terms of the deposit needed, mortgages for foster carers are treated the same way as standard mortgages with lenders requiring a minimum 5% deposit. If your circumstances allow it, providing a larger deposit will increase the number of mortgage products open to you, with the interest rates will typically be lower.

Are Interest Rates Higher for Foster Carers?

Mortgages for foster carers have the same interest rates as the rest of the market. However, the number of mortgage products accessible to you may be more limited, and therefore, the very lowest rates may not be available.

How Long Do I Need to Have Been Fostering For?

The longer you have been fostering, the more options you will have available to you. However, providing you have been fostering for at least six months and can provide six months remittance slips and six months corresponding bank statements, there may be a lender that will lend to you and take into account all of your income.

Can I Remortgage my Home?

Absolutely, foster carers can remortgage their properties, whether to secure a better mortgage rate, raise capital or consolidate debts.

Are Their Specific Lenders for Foster Carers?

No, however, there are lenders, both national and regional, that understand the specifics of fostering income and therefore represent the best options when applying for mortgages for foster carers.

Is There Any Support for Foster Carers?

Although there is no specific foster carer support to buy a property, universal schemes may be available depending on your eligibility.

For more details of these initiatives and to see what other support may be available, visit the Own Your Home website.

Are There Mortgages for Foster Carers with Bad Credit?

Yes, if you are a foster carer with a bad credit history, it is still possible to secure a mortgage deal.

The options available to you may be more limited however so it’s best to speak with foster carer mortgage specialists before starting the mortgage process.

How Much Can a Foster Carer Borrow?

The amount available to borrow will be different for every individual. When assessing mortgage affordability, lenders will take into account your fostering allowance plus any other income.

As outlined above, high street lenders typically treat foster carers as self-employed so it’s best to seek out mortgage lenders who will allow you to use up to 100% of your fostering income.

Find Out More

If you’d like to know more about mortgages for foster carers or would like more details on how an Elementary Mortgage Broker can support you in the process, please get in touch.

We offer a free, no-obligation mortgage consultation where we discuss your situation and answer any questions you may have.