Foundation Home Loans has temporarily suspended all new applications following the coronavirus outbreak.
This comes into effect from today and has been done so that Foundation can “focus resources on delivering support” to their 38,000 existing borrowers.
The current situation with valuations was also a determining factor to put all pre-offer applications on hold.
Hans Geberbauer, chief executive of Foundation Home Loans, said:“In order to focus all our efforts on providing mortgage payment holidays and with the suspension of new applications, we will furlough a number of our staff under the government’s COVID-19 Job Retention programme.
“We are asking these employees not to work during April, during which time we can we can re-evaluate our product offering in this fast-changing environment.
“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.
“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.”