Ipswich Building Society is to limit its mortgage lending ahead of a ‘significant’ change to its IT systems.
Mortgage Solutions reported earlier this year that a number of mutuals faced an enforced slowdown as IT outsourcing firm Bailey Computer Services, a subsidiary of Skipton Building Society, withdraws from the market.
Ipswich said it will limit lending to existing customers during October while it migrates to a new system.
The mutual said it hopes to return to the market fully ‘soon’ after the changeover.
Chief executive Paul Winter said: “Like many financial institutions we need to ensure our systems are future-proofed and support the service standards our brokers and members expect of us.
“In order to reduce volumes in the run up to IT migration we will only be lending directly to our existing members with a reduced product range.”
