Virgin Money and Clydesdale Bank have changed their lending policy to allow for income from foster caring to be included as part of their self-employed policy.
The new policy means that individuals who earn income from foster caring will be considered when they apply for a loan or mortgage.
However, individuals under foster care will need to be included as dependents within the application.
The move comes as part of the banks’ efforts to make their lending policies more inclusive and supportive of key workers.
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.”
