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.

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

Abi King
Abi King
Ivan has been a great help with buying our first house, he kept in contact through the whole process and helped a lot, we would totally recommend having him as a mortgage advisor! 🙂
Hannah Townhill
Hannah Townhill
Ivan was fantastic! Our quest for a mortgage wasn’t exactly straightforward as our property was apparently, according to one surveyor "unsaleable” due to it’s location - we were remortgaging, go figure…. This meant that finding a lender that didn’t use the same valuation company was tricky to say the least. Ivan didn’t give up. He promised us a mortgage and that is what he delivered through hard work and perseverance. He was a pleasure to deal with throughout and I can’t praise him highly enough. I now wouldn’t go anywhere else when the time comes to remortgage again. Thanks Ivan!
Harry Simposn
Harry Simposn
Ivan helped us sort our re-mortgage out. It was stress free and Ivan was always at the other end of the phone when we had any questions.
Georgia Leonardi
Georgia Leonardi
Thanks for sorting out our re-mortgage, very professional, easy process and even got us a better rate and saved us money. Highly recommended.
Katie Brown
Katie Brown
Can’t fault this company In any way , they go the extra mile, completed my mortgage in record time. Can highly recommend
Kimbo 85
Kimbo 85
Extremely professional and responsive service by Ivan. He was always happy to help and support me through the whole process. Highly recommend!!
Carl Barton
Carl Barton
Elementary mortgage solutions arranged a remortgage on a property we let out. The process was extremely simple and we got an excellent deal that lowered our monthly payments considerably. I'd highly recommend Elementary and will be using them again in the future.
Peter Joynson
Peter Joynson
Ivan Whitelocks satisfied all my needs. Guiding me through the process with ease. He was easy to reach and quick to reply to any enquires. Going above and beyond at the end of our purchase when I hit a snag with my conveyances. Fully recommend him and look forward to speaking to him again if I ever need mortgage advice again.
Ivan was brilliant. He was quick and communicated well and was great at giving us advice on our way to picking the best mortgage for our situation. Will definitely use him again in the future.
Laura Shaw
Laura Shaw
Fantastic Service. Really took the hassle out of mortgage hunting. Would definitely use again. Stress free from start to finish and very professional. Thank you

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.