Foundation Home Loans suspends new lending

Foundation Home Loans has announced it will temporarily suspend all new applications starting March 31st.

The decision was made to allow the company to focus its resources on delivering support, including mortgage payment holiday arrangements, to its existing 38,000 borrowers.

All pre-offer applications have also been placed on hold due to the current restrictions on valuations.

The specialist lender confirmed that it will furlough a number of staff members under the government’s Covid-19 job retention programme as a result of the temporary stop on new business.

“These decisions have not been taken lightly but we believe they are necessary; we will be doing all we can to assist both our staff and all our intermediary partners during these challenging times,” said Hans Geberbauer, chief executive at Foundation Home Loans.

“As we will furlough a number of staff, advisers’ normal Foundation contacts may not be available during April and they should therefore use our central helpline if they need to contact us,” he added.

When announcing the news on LinkedIn, Hans thanked followers for their understanding and support, saying: “We apologise for any inconvenience this may cause.

“We fully intend to be back in full force but for now we need to look after the urgent needs of our existing customers.”

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