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OSB and Precise stop new apps and halt pre-offer cases

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  • 30/03/2020
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OSB and Precise stop new apps and halt pre-offer cases
One Savings Bank (OSB) and Precise Mortgages are not accepting new applications and putting all applications which have not yet progressed to offer on hold.

 

The lenders, which merged last year, made the changes at the end of Friday as a result of the impact of the coronavirus.

The changes apply to OSB’s Kent Reliance and InterBay brands, along with Precise Mortgages.

Messages on all three lender websites noted that access to online application systems would be removed from Friday 27.

Applications that have not progressed to offer will be paused and placed on hold until further notice. Offered cases will continue as normal.

Offer extensions will be considered where the case is a residential owner occupier case, contracts have exchanged prior to 25 March and the borrower’s circumstances must not have deteriorated.

Pre-offer cases which have either received a valuation or not yet had one conducted will be put on hold and the lenders said they will let brokers know when they can begin to process the case.

Valuation and Assessment fees will be refunded if the case is cancelled and the valuation has not been completed.

Cases at offer stage will be completed, however, customers whose circumstances have changed should notify the lenders before completion.

 

‘Support our borrowers’

“Due to the unprecedented demand from our existing customers regarding payment holidays, latest government advice and the current situation with valuations, we have taken the decision to temporarily suspend new applications for all of our product lines and divert our resources to support our borrowers during this challenging time,” the lender websites explained.

Brokers with concerns about cases with the lenders should contact them using the email addresses supplied on the lender websites.

 

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