Foundation Product Update
Foundation Home Loans have suspended all new applications.
The full impact of the Covid-19 emergency and the impact on our industry continues to unfold. All lenders, including Foundation Home Loans, are facing huge demand from their borrowers for mortgage payment holidays (MPH).
Whilst Foundation believe all of this will be temporary, they must take necessary steps in the short term to allow them to trade through this unprecedented disruption, which are as follows:
1. Suspension of all new applications
The decision to temporarily suspend all new applications as from 31 March 2020. This is to allow us to focus on delivering support, including MPH arrangements, to our 25,000+ borrowers.
2. Pre-valuation applications on hold
All pre-valuation applications on hold until further notice.
3. Covid-19 job retention programme
In order to focus their efforts on MPH, they have advised our staff that they will furlough a number of our employees under the government Covid-19 Job Retention Programme. This means that they will be asking these employees not to work during the month of April, during which time they can we can re-evaluate our product offering in this fast-changing environment.