The Suffolk Building Society has become the latest lender to announce it will temporarily halt mortgage applications due to high demand, effective immediately.
The mutual says it is “closely monitoring the mortgage market, which is under increasing pressure, and after careful consideration, the decision has been taken as a necessary step; over the past few weeks, the company has experienced extremely high levels of activity, which has resulted in service levels exceeding the target times it has set”.
Last Friday (August 4), Saffron construction company also said it would be temporarily suspend almost all new mortgage applications, as it has been unable to meet high levels of demand.
Saffron said the only products not affected by the “pause” would be his range of self-constructed real estate loans, as well as his summer offer launched in July. He didn’t say when mortgage applications would reopen.
Suffolk Building Society says his brokers are granted extended deadlines to submit files already in progress, with Ddecisions in prequired principle to be submitted on August 9 at 17 o’clockand complete mortgage applications due August 16 at 5 p.m.
The company – who has 60,000 members, more than 70,000 savings accounts and 6,000 mortgage accounts – say that the move “is a temporary move to enable the Corporation to clear its backlog”. This too doesn’t say when mortgage applications would reopen.
He says, “The team is working hard to process its existing pipeline with a view to getting all cases up and running, as quickly as possible.”
The mutual adds that it has contacted all registered brokers to inform them of the application deadlines and that its support team will be available to answer inquiries and updates.