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.
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.
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.
