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Lending criteria for foster care income

Lending criteria

Foster care income

100% of foster care income can be used within the affordability calculation.

Evidence Required

Bank statements to evidence that the allowance is being paid for each child
Letter to confirm children in care, how long in care, how long care is intended to be provided for and how much the customer will receive for each child and a breakdown of the allowance. The letter must be on letter headed paper from the fostering agency/local authority
Respite Foster Carers will usually provide care on an ad-hoc basis. For this type of income, we would require a letter from the foster care agency or local authority confirming what income they have received so far in the that tax year and also confirmation of income that has been received in the last 2 years.
Foster carers are classed as self-employed and have to complete a tax return to the Inland Revenue (See self-employed income section)

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