Mortgages For Foster Carers | Finance Availability | Loan Quotes

Fostering can be a very rewarding undertaking. Helping to give a home to a child who may not have one without you, but children cost money and this extra expenditure may affect any mortgage or loan application.

Foster Care Income

Yes you do get an income from the government to help pay for the children in your care, but some lenders may not allow you to include this in your income on your mortgage affordability, in addition the length of time you have been fostering may impact if the payment is able to be included in your monthly income on your mortgage or loan enquiry.

First Choice Finance have a number of lenders who do allow you to use your fostering income making getting your mortgage much less difficult than some of the lenders. When you enquire online to First Choice Finance your finance application will be passed to a qualified mortgage adviser who will examine your individual circumstances and fit you to the criteria of the right lender. Better still, no credit check will be carried out after the initial enquiry and only when you are happy with your mortgage offer will we proceed with your mortgage / loan enquiry. there are no application fess, all quotes are free and you can decide not to accept any mortgage plan received from our lenders.

Below are some of the common mortgage questions and answers we have had from Foster Carers. We hope these help you in your search for the best mortgage.

How much of a down-payment will I need? The minimum down-payment required depends on the mortgage product you select and the type of property alongside your credit profile. There are many different types of mortgage loans with various down-payment options. Your deposit will also depend on the loan to value you need for the purchase of your property.

When should I get a mortgage in place?

The best time to look for a mortgage is before you start looking for a house. This helps you to determine how much house you can afford. Contact us and we will happily discuss your needs and requirements and tell you the deposit you need and what price range of house you can afford.

Will a mortgage advisor be able to find me the best rate over a banking institution?
Mortgage brokers work with many lenders including high street and specialised banks. Brokers therefore may have access to lenders who can`t be found on the high street. So they may be able to help you obtain a mortgage you may not be able to access directly.

Should I focus on who advertises the lowest mortgage loan rate?
You can, but you have to remember that there is no guarantee you will get the mortgage `headline` rate advertised. First Choice Finance have a multitude of lenders and will be happy to give you a no obligation free mortgage quote.

What documents do I have to provide a mortgage loan broker or banking institution?
You will need to provide the following at least:

Proof of income (including payslips or the previous years tax returns for self employed)

Your bank statements and your credit file (the lender will get this directly with your permission)

Proof of ID, such as a passport or driving license and proof off address, such as a recent utility bill.

What will you need from a bank or mortgage loan company? Before you go looking for a home, you may want to consider getting a decision in principle to reassure yourself that you will be financially able to obtain a mortgage. Getting pre-qualified can give you a significant advantage while you`re shopping for a home. Pre-qualifying gives you the maximum loan amount you can borrow and let`s everyone know your a serious buyer.

How is the assessed value of a property determined?
The valuation of your property is an important aspect of your mortgage application, the property value can sometimes be calculated by a home track (automated on line) survey or drive by valuation although some lenders will send a surveyor to carry out a property valuation.

What are the primary needs in your home?
How many bedrooms will you need? Will you need a garage or basement? What kind of schools are in the area? What are the crime statistics? Is the area susceptible to flooding? You should consider all of these things and more before choosing a house.

Do you prefer a newly built home?
You may want the warranties and efficient construction of a newly built home, as well as your ability to customise things. On the other hand, you may find a good deal on a home that needs some work doing on it. It is also important to consider the various schemes available such as the help to buy scheme which is only available on new build properties.

Will you use an estate agent?
Many home buyers choose to work with an estate agent to help find a home. The agent should have knowledge of the real estate market, price trends and neighbourhood conditions in the area. The agent will help you shop for your home, tour properties and be the sellers negotiator when negotiating the price.

How`s your credit history?
Check your credit history before you apply for a mortgage and clear up any delinquencies, defaults and errors where possible. Having a good credit history will help you by needing a smaller deposit, getting a good rate and most importantly navigating the approval process.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.