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Mortgages for Foster Carers

We at ams: understand that trying to obtain a mortgage as a foster carer is difficult as most lenders won’t take all of your income into consideration when calculating affordability.

We have a scheme which will meet your requirements. As long as you have been fostering for at least 6 months and can prove this will continue via a letter from the fostering agency or the local authority we have a lender who will use ALL of your earned income.

You will simply need to provide copies of your last 3 months remittance slips from your employers along with bank statements showing the credit going into your account.

Still unsure ?? – then pick the phone up and speak to one of our foster care specialists who will be happy to talk you through the process…

Foster Carer Mortgage FAQ

Can I get a mortgage based on my fostering income?

Most high street lenders will request your net profit AFTER deducting all of your foster carer allowances leaving you with a very low income figure on which to assess you for a loan. Here at AMS we can use your FULL fostering income and secure a loan for you as if you were an employee.

Can I get a mortgage if I’ve been fostering for less than a year?

We have lenders who will consider you once you’ve been fostering for as little as 6 months via an Agency OR Local Authority.

Can I get a foster carers mortgage with bad credit?

Our foster carer lenders do have some flexibility when it comes to adverse credit; we have secured loans for foster carers in the past who have been bankrupt or in an IVA within the last 6 years.

How much can I borrow using my fostering income?

As we use your remittance slips and NOT your self assessment tax returns to assess income , we can offer you a similar amount to an employed person. Lenders offer varying amounts, the best way to find out how much you can borrow would be to call talk it through with one of our advisors.

Are the rates higher for foster carers?

At ams:  we have access to some very competitive rates with both high street and regional lenders. Please call us for a quote.

How do I prove my income?

We have different methods of proving income for foster carers; some will ask for income averaged over a number of years, others will ask for income averaged over a few months. We would tailor the solution to your specific needs.

Will I need a larger deposit as a foster carer?

Currently, as a foster carer, you can secure a mortgage with as little as a 5% deposit. Please call us to discuss your circumstances further and we can provide you with a quote.

Want to get started?

Choosing the right mortgage for you can be really tricky. At ams: our expert advisers guide you through the process. Simply, efficiently and professionally.

Call now to speak with a mortgage advisor

0121 4000 052

As a guide, you could potentially borrow around:

The figure above is calculated based around current lender criteria and may not be representative of the actual figure you may be able to borrow.

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