The change will take effect from the close of business today and the lender said it would continue to review operational capacity and hoped to return to business as usual as soon as possible.
The lender told Mortgage Solutions that borrowers who have a decision in principle will have seven days to submit their application. Already submitted applications will continue.
A spokesman for the West Brom said: “We’re taking precautionary steps and temporarily suspending our remortgage products as we’re aware our operational capacity could be put under pressure due to the recent coronavirus outbreak, and we’re committed to minimising the number of people travelling to the workplace.
“Our priority for the near term will be those still wishing to purchase a home. We believe this is a responsible approach and we’re committed to continuing to service our customers.”
Maintain critical services
In a message sent to brokers and posted on its website, the lender said the move would allow it to maintain critical services to brokers, clients and existing members.
“In light of the recent developments concerning the coronavirus which presents a number of challenges across our industry and wider society, from close of business today, Monday 23 March, we have made the decision to take the precautionary step to reduce the number of products available in our portfolio,” the lender said.
“This includes the withdrawal of our remortgage product range for the time being.
“This decision will enable us to maintain critical services to both you, your clients and existing members of the society during this challenging period.
“We will continue to review our operational capacity over the coming weeks and hope that we will return to business as usual as soon as possible.
“Thank you for your continued support in this difficult and challenging time.”
