Buy-to-let specialist lender Foundation Home Loans will begin residential lending this year, according to new director of marketing Jeff Knight.
Knight, who joined Foundation last week. says Foundation will start small with its residential lending.
He says: “At some point this year we will be implementing a simple residential proposition. For the forseeable future, buy-to-let will be our main focus. But maybe in 2018 and beyond you might see Foundation widening that residential proposition.”
In his first interview since his appointment, Knight says Foundation approached him to build upon the firm’s existing marketing abilities.
He says: “It seemed that a missing piece of the jigsaw was someone who could help redefine the brand and proposition for them and bring that to life. All the other key elements were there.
“There is definitely an opportunity for newer lenders to make a difference in this marketplace.
“Foundation will never compete against Santander, but it has ambitions to be a major player in this marketplace. But that isn’t going to happen overnight, that’s a good three to five year strategy.”
Knight adds that the lender will do more repositioning this year.
He says: “That will come out with more clarity later on in the year. But we know we don’t want to be part of a pack. We want to create something that’s broker-centric. Brokers are our lifeline. We want to make it easier for them.”