Hodge will close for new business on all of its mortgage products on what it says is a temporary basis from Thursday, June 16.
In a note posted on the lender’s website, it says it is currently unable to meet service levels due to record business volumes.
Hodge says all tentative decisions must be submitted by 5 p.m. Thursday, June 16, and full applications must then be submitted by 5 p.m. Monday, June 20 to secure the proposed rate.
Any submissions made after this window will not be reviewed, the lender adds.
The note ends: “We appreciate the challenge you are facing with a number of lenders pulling back and raising their interest rates at this time, and we are committed to providing you with regular updates on when reopening for new business.”
Hodge’s Director of Business Development, Emma Graham, said: “Hanging new mortgage applications was not a decision we took lightly, but it is the one we believe best serves our network. of brokers, our team at Hodge and, above all, our customers.
“Over the past two months, our business volumes have reached an all-time high, so we have made the decision to take a break to help our operations teams deliver the personal and efficient service that Hodge is proud of.
“I would like to reassure brokers Hodge is not going out of business for an extended period, but rather taking a short break to reset and get us back to a place where we can meet the service standards you expect of us. ”