This year Foundation Home Loans has led the way in specialist lending with a continued customer-first attitude, extending mortgage payment deferrals to hundreds of our existing mortgage customers, and supporting our brokers with technical improvements, evolved engagement strategies and continuing to offer an impressive range of competitive products.
For us too this has been a year of record-breaking business levels: from a strong starting position, our appetite to lend took us to a record 2nd half for new business volumes.
Thanks to our incredible teams, we were able to redeploy resource to focus on supporting borrowers with Mortgage Payment Deferral (MPD), and thanks to already established flexible underwriting working structures, we were fully operational from day one of the lockdown. This flexibility meant that we were one of the first lenders back to pre-Covid lending levels as soon as the surveyors were back out. Since then, we have launched over 280 competitive products to landlords and extra-ordinary residential clients via the intermediary market and our Feefo satisfaction score reached 4.8/5.
We’ve streamlined our document requirements by taking a risk-based approach: we have been able to remove the need for documents like bank statements on many residential applications and the limited company funding declaration, which significantly improves our processing time.
We adapted immediately to virtual working for broker meetings, round tables and key partner briefings to support brokers and clubs, networks and packagers through the lockdowns and maximised our highly advanced email marketing system to personalise brokers’ emails about products specific to their interests and business mix.
And most innovatively, we have now been able to support brokers again with our agility when the pipeline management had to be prioritised to support brokers in getting cases through in time for the March 31st SDLT deadline. We have increased resource in our new business area and our underwriting processing has resulting in our daily offer rate doubling in the first part of November versus October. This was a pivotal business decision when it comes to what our brokers need: we have the opportunity to take more new business market share but ultimately, it’s more important that we get the existing applications through to offer in good time.
Many of our Club and Network partners report that Foundation Home Loans has led the way in specialist lending this year, elevating us far beyond many of our peers into top positions for new business levels whilst remaining the trustworthy lender.