Foundation Home Loans will be accepting new applications from Monday 18 May after suspending lending at the end of March.

Earlier this week, the lender said that all pre-valuation cases in its pipeline had to be switched to one of its newly launched products in order to progress.

With physical valuations now possible, as confirmed by the government on 12 May, the lender will be able to lend from next week at up to 75 per cent LTV.

Foundation Home Loans director of marketing Jeff Knight says: “Since lockdown was brought in, we have continued to lend by processing our existing pipeline, completing in the region of £37m of lending in April alone.

“However, once lockdown began, we took the strategic decision to only allow new applications once we knew it would be possible to instruct physical valuations again.

“Therefore, given announcements made this week, it is really pleasing to say that we can now offer our products to new applicants once again and will formally launch our full range on Monday.”