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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
