Mortgages For Foster Carers
If you are a foster carer, you might find it a challenge to get a mortgage that takes into consideration the type of work and income you have. But at Harmony Financial Services, we can help you to get a specific mortgage for foster carers.
Our mortgage brokers at Harmony Financial Services work hard to find the best deals and interest rates for foster carers because we know how important your work is.
Can Foster Carers Get A Mortgage?
Yes, foster carers can get great mortgage rates in the UK. But you might struggle to get a mortgage from a high street bank. That’s because most mortgage companies will only take your basic salary into consideration, especially after COVID. They may also only consider your income after foster costs are taken out. But, some lenders have mortgages designed especially for foster carers. These lenders will take your total income into account.
These lenders often don’t deal directly with customers, but as specialist mortgage brokers, Harmony Financial Services can help you get access to them. We will negotiate on your behalf to find you the best mortgage and lending rates for you.
What Factors Affect Mortgage For Foster Carers?
There are a few different factors that can affect your mortgage as a foster carer. These are:
- Time As A Foster Carer
- House Value
Typically, most lenders require you to provide evidence of having been a foster carer for at least 6 months. However, some lenders we work with will accept 3 months. This evidence could be remittance forms and/or bank accounts.
You will also need to have a 5% minimum deposit as a foster carer, which is the same as if you were self-employed.
Our Mortgages For Foster Carers
At Harmony Financial Services we have access to a wide range of specialist lenders who can lend to foster carers. These lenders can take into account the unique financial position of fosters, which high street banks cannot. Most of the lenders we have access to don’t deal with customers directly, so we can get you mortgages deals and terms that you won’t find on your own.
Harmony Financial Services can also provide advice and insight, to help you to find the best mortgage deal as a foster carer in the UK. To see how we can help you with finding a great foster carer’s mortgage deal, contact our specialist mortgage brokers.