Fostering can now help you get on the property ladder

Did you know that foster carers don’t need to own their own home to foster? 

At Nexus Fostering, we have an increasing number of fostering households that rent their homes. With the average price of homes in the UK increasing almost twice as much as the wages of the average UK worker over the past fifty years, it’s not surprising. Another hurdle for foster carers becoming homeowners is the foster carers allowance not being included in mortgage applications.

According to Criteria Brain, one in three lenders do not accept foster care income when applying. However, Virgin Money have just become the latest lender to include income from foster carers using its normal self-employed policy. Owning your own home and being a foster carer is now more achievable.

Craig Calder, Head of Secured Lending at Virgin Money, said:

We know how important a role foster carers in the UK play, which is why we’ve made improvements to our lending policy that will help us to support this sector of over 50,000 households. We continually review our lending policy, and these changes ensure that we can support these key workers in their aspirations of home ownership.

To find out more visit https://www.mortgagesolutions.co.uk/news/2023/02/28/virgin-money-to-accept-foster-care-income/

Help with the cost of fostering

The non-financial rewards that come exclusively with fostering are priceless, but we understand it’s important that foster carers are re-compensated with financial benefits too. So, alongside our unrivalled training and support, we offer a competitive fostering allowance. All foster carers receive a foster care allowance to cover the cost of caring for a child including household expenses, food, clothing, pocket money etc. The allowance is also there to reimburse you for your time and care and to reward you for providing a loving, stable and nurturing home for a child. The amount of the fostering allowance is determined by a variety of circumstances such as the age and the specific needs of the children you care for, the type of fostering and your skills and experience.

Our allowance calculator is designed to provide you with an estimate of the potential annual income you could earn through fostering. Visit it here Allowance calculator | Nexus Fostering.

For more information on becoming a foster carer contact our team on 0800 389 0143 or fill out the enquiry form.