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Before you apply for a secured loan it’s a good idea to put together a monthly budget that breaks down your earnings and outgoings. This should give you a better idea of your current finances and what you can afford to repay.
There can be some confusion about the type of income you can use as part of your application, especially when it comes to money received from foster caring, child benefit/tax credits, child maintenance and guardian allowance.
This guide will give you a better idea of what lenders tend to accept and other factors you may need to be aware of when you apply.
If you are currently receiving fostering income, most lenders will allow you to include this for review in your affordability assessment.
While the time timeframe may differ depending on the lender, they will usually ask you to provide a certain number of payslips/remittance advice slips and your most recent P60 to get a more accurate picture of your recent income. If as the foster carer your classed as self-employed, standard self-employed criteria apply.
There could also be a minimum fostering history requirement included in the lender’s eligibility criteria, although the length of time tends to vary.
To help you get a better idea of what to expect, you can talk to one of our advisors who will be happy to answer any questions you have about using foster care income.
Child Benefit is accepted by most lenders, so you can include this in the application form. Some lenders automatically build it into your affordability assessment based on how many children you have.
You will usually need to provide the relevant documents that confirm your income, and the age of your children will also be considered.
Most lenders will accept income from Child Tax Credits, which can be accredited by providing your most recent HMRC letter.
We can give you more information about the type of documents our panel of lenders typically request and answer and other questions you have about secured loans.
If you are applying for a secured loan and want to declare court-ordered child maintenance payments as part of your income, most lenders will be happy to accept it.
The lender will want to know more about how much income you receive, so it’s a good idea to have the relevant documents to hand. This includes things like official court documents and any recent bank statements you have available.
The age of your children can play a factor, but if you speak with one of our advisors, we can give advice based on your situation and potentially help you find an appropriate lender.
Not all child maintenance payments are processed through the courts, so if you receive income that has not been court ordered, this can be accepted by some lenders.
Affordability is key to any secured loan application, which is why lenders usually ask borrowers to provide bank statements for a certain period.
And if you are offered a secured loan, you are under no obligation to accept the deal, so you are always in complete control of what happens next.
Guardian’s Allowance is another type of government benefit that some lenders will accept as part of your application.
It is a tax-free benefit available to people that are responsible for looking after a child where one or both parents have died.
You can use your current period award letter as proof of income in addition to any other documents that the lender may ask you to provide.
If you are applying for a secured loan and want to declare court-ordered child maintenance payments as part of your income, most lenders will be happy to accept it.
The lender will want to know more about how much income you receive, so it’s a good idea to have the relevant documents to hand. This includes things like official court documents and any recent bank statements you have available.
The age of your children can play a factor, but if you speak with one of our advisors, we can give advice based on your situation and potentially help you find an appropriate lender.
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We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
If you receive regular income from Child Benefit, Tax Credits, child maintenance, foster caring or Guardian’s Allowance, you’ll find that plenty of lenders are happy to accept it.
All you need to do is provide the relevant documents to demonstrate your income so the lender can carry out their standard affordability checks.
To get more help about understanding your eligibility for a secured loan and the type of child income documents you might need to supply, you can get in touch with the Willows team by calling 01656 766 158 and they’ll be more than happy to help.
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LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
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At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
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Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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