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Halifax to accept foster care income in affordability calculations
Halifax will use foster care income in affordability calculations to help those in the sector into homeownership.
The foster care income will be accepted on any new applications and should be entered as self-employed income with two years of figures included.
Income will then be verified to tax calculations and tax year overviews as standard for self-employed applications.
Foster children should be keyed in as dependents, the lender said.
Halifax said that there were a small number of foster care workers that are employed rather than self-employed, but they should still be entered as self-employed.
The lender added that it would accept a letter from a foster care agency with two years’ figures as proof of income.
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According to Criteria Brain, there are around 57 lenders who will accept foster care income, with 22 lenders saying that foster care income is not acceptable.