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Virgin Money to accept foster care income

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  • 28/02/2023
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Virgin Money to accept foster care income
Virgin Money will now accept income from foster caring in applications, which will support those “key workers in their aspirations of home ownership”.

The income will be included using its usual self-employed policy. This normally requires two years of business accounts and that the business is solvent during that period.

Individuals under foster care should be included as dependents within the application.

According to Criteria Brain, around 23 lenders do not accept foster care income, and around 61 lenders do accept the income.

 

Supporting a sector of 50,000 households

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.”

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