In England, up until 30 June 2021, stamp duty is paid when the purchase price exceeds £500,000. On 1 July 2021, the threshold will reduce to £250,000 until 30 September 2021. After that, there are different thresholds for First Time Buyers and other buyers.
Please be reassured that we are doing everything possible to support our borrowers in completing their property transaction before their respective stamp duty deadlines, however we can offer no guarantee that mortgages will complete by any given date
• We have removed the automatic request for bank statements on owner-occupied cases
• We have removed the need for the limited company funding declaration on limited company buy to lets
• We have improved the broker portal: once the residential requirements for affordability and deposit (on purchases) are uploaded on the portal your underwriter can commence the underwriting process, instruct the valuation and move your case to offer.
• We’ve updated the residential summary page of the Foundation portal and introduced a new Notes Page which will contain any case notes.
Our priority is to bring the business you’ve entrusted us with from application, to offer and completion in a timely manner. We are in the fortunate position that our in-house servicing means we can redirect resource to service areas of high demand. As such – more staff are currently supporting the Underwriting team in chasing in the final requirements on all applications. We are pleased to advise that these tweaks mean that we have been able to double our average daily rate of offers, while continuing to accept new business as normal at competitive rates.
Take a look at our video of 4 tips to get your application right first time. Also please refer to our top tips for submitting a buy to let case here and our tips for submitting an owner-occupied (residential) case here.
We can offer no guarantee that mortgages will complete by any specific stamp duty land tax reduced rate deadline. Please work closely with your solicitor to satisfy any conditions on mortgage offers made.
There are considerable challenges across the mortgage market including with surveyors and conveyancers, as well as with lender capacity and customer appetite to take advantage of the stamp duty temporary reduced rates. Please check for updates on your specific case via the broker portal.
Foundation Home Loans mortgage offers are currently issued with an expiry date of 4 months. If your client is aiming to complete before the deadline and requires an extension, you or the solicitor can contact us giving at least two weeks’ notice to request for an extension. This must be done early enough to allow 2 weeks (10 working days) to administer the extension plus an additional 10 working days after the extension is granted for us to process the Certificate of Title to release funds. Please therefore consider any pre-completion offers nearing 20 working days of their expiry.
This additional time is to allow for the high number of Certificates of Title we receive which are incorrect or relating to Mortgage Offers with unsatisfied conditions.
If a mortgage offer is expired we would need 20 working days in total: that’s 10 working days to extend the offer and 10 working days to verify that the Certificate of Title is unconditional. Funds will only be released when an unconditional Certificate of Title is received and all mortgage offer conditions have been satisfied and the mortgage offer has not expired. Please ensure that the Borrower is aware of the implications of this.
All Foundation staff have been successfully working from home since March 2020 and did not return to the office. We already had an established remote working infrastructure which has only strengthened in efficiency over the last year. Therefore, national or regional tiered lockdowns have no direct effect on our staffing capacity. Other parties involved in your transaction such as solicitors, estate agents may be affected by the restrictions so we advise that you appraise their capacity before committing. In the second lockdown of November 2020, surveyors continued to be allowed to do physical inspections (unlike during the first lockdown).
1. Place an application – Login to your broker portal to submit a full mortgage application by entering the most accurate information you have and pay the application fee and the valuation fee straight away.
2. Initial assessment – We will initially assess the application and set a list of specific document requirements, and confirm that we are able to instruct the valuation.
3. Upload documents – Simply upload the individual documents against their specific requirement. If you would like to tell us anything else, please add a portal note.
4. Underwriter review – When all the case requirements have had a document uploaded against them and we have received the valuation, your allocated underwriter will review the case. If further information or clarification is required we will let you know.
Please refer to our top tips for submitting a buy to let case here and our tips for submitting an owner-occupied (residential) case here.
Yes it does differ, due to volumes, resources, and the underwriting process, but we are constantly striving to deliver as swiftly as possible across all products and we aim to keep as close as possible to the SLAs.
If you need to call us, you can reduce the time you might have to wait by avoiding calling between 12 and 3pm when we tend to be busier. We are open weekdays 9am - 5.30pm, apart from Wednesdays when we start at 10am. To help speed up your call, make sure that you have the case reference number to hand, and details of the application to complete our Data Protection questions.
Or why not try … the ‘request a call back’ button on our website- we will ask someone from the team will give you a call.
For case updates, log in to the broker portal where you can see the latest updates on your case, and the status of any requirements. If anything is still outstanding, prioritise getting these uploaded for our underwriters to review. Then, check our latest current service levels on the home page of our intermediary website- you will see how long it will take for your case to be reviewed once all requirements have been received.
Please contact the Completions team on 0344 770 8033 (for Solicitors only).
Yes, we accept ‘No-search’ indemnity insurance on purchases and remortgages (except HMO and Multi-unit block properties).
You can see the new thresholds, dates and examples on the government website here: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates