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Suffolk BS temporarily pauses mortgages applications

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  • 08/08/2022
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Suffolk Building Society has temporarily paused mortgage applications to maintain its service levels and process its existing pipeline.

In a missive to brokers, the mutual said that it had experienced a “recent high volume of business” had led to service levels “exceeding the timescales” it was comfortable with, so it had taken the decision to briefly pause mortgage applications.

“This is not a decision we have taken lightly and is a temporary measure to enable us to clear our backlog. We are working hard to process our existing pipeline and our aim is to get all cases to offer and completion as quickly as possible,” the mutual said.

Suffolk continued that it had extended deadlines for submitting cases already in progress. Decisions in principle can be submitted up to 5pm on Tuesday 9 August and full mortgage applications can be submitted by 5pm up to Tuesday 16 August.

The lender said that it had contacted all registered brokers of application deadlines and its helpdesk team would be available to assist with enquiries and updates.

Last week, the lender had withdrawn select holiday let, expat buy-to-let and residential products, and increased select rates but as much as 0.5 per cent.

Suffolk Building Society, formerly known as Ipswich Building Society, offers first-time buyer, later life lending, buy-to-let, holiday let, self-build and renovation, expat, new build and shared ownership products.

The mutual is the latest to temporarily pause new applications, with Coventry Building Society and Cambridge Building Society taking the same action last week.

Both cited increased application levels putting increased pressure on service levels.

Coventry Building Society said that this was partially due to more mortgage applications coming in ahead of the potential base rate increase last week, which ended up rising 0.5 per cent to 1.75 per cent.

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