Whether you’re a foster parent, carer or merely exploring the options, you might have realised that many banks & building societies are quite unhelpful when it comes to how they look at fostering income for mortgage purposes.
As Fostering income is treated differently for tax, the net income shown on your tax return or SA302 tax calculation from HMRC may be insufficient for the mortgage you want.
At Martland Mortgages, we’ve used our contacts, experience & reputation to gain access to lending facilities specifically geared for fosterers where fostering allowances are counted as income for the purposes of calculating the mortgage.
You may be required to pay a broking fee. The fee will depend on your circumstances, an indication is 2.5% of the loan subject to a minimum of £2300.
The overall cost for comparison is 4.6% APR but the actual rate available will depend upon your circumstances. Please ask for a personalised illustration.
Think carefully about securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.