Foundation Home Loans has announced it is temporarily suspending all new applications from 31 March 2020.

The intermediary-only specialist lender indicated the decision will allow it to focus resources on delivering support, including mortgage payment holiday arrangements, to its 38,000 existing borrowers during the coronavirus crisis.

Foundation also announced that it had taken the decision to put all pre-offer applications on hold.

Foundation chief executive, Hans Geberbauer, 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 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.”

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