Foundation Home Loans will only be able to progress pre-valuation cases through a product switch, it has said.

The lender suspended all new applications on 31 March.

In a note to brokers, Foundation says that it has created a new product range for the purpose of switching.

These include two- and five-year fixed rates and a two-year discount product with no ERCs. The maximum LTV for all products has been set at 75 per cent.

For buy-to-let products, two-year fixes start at 3.09 per cent and five-year fixes at 3.74 per cent. The discount product starts at an initial rate of 2.94 per cent.

HMO rates start at 3.49 per cent for a two-year fix and at five-years, 4.14 per cent.

In the residential range, two-year fixes start at 2.99 per cent and five-year fixes at 3.19 per cent, with the two-year discount starting at an initial rate of 2.79 per cent.

Would-be borrowers who choose not to progress their case will have their valuation and application fees refunded, Foundation adds.