In a message to brokers, the lender said that it was “committed to processing any full mortgage applications already submitted to us and will undertake those as quickly as we can”.
The lender continued that due to the volume of lender changes taking place it could take longer than normal for sourcing systems to update.
Zephyr added that it would be “actively monitoring the market and broader developments” and it intended to launch new products once market conditions were more stable.
The lender apologised for any inconvenience caused.
Several lenders have had to briefly take down new business products over the past few days due to economic volatility. This includes the pound falling, swap rates rising and base rate increases.
It comes after the Chancellor Kwasi Kwarteng announced a range of tax cutting measures in his mini Budget on Friday.
Lenders who have made changes to their propositions over the past few days include HSBC, Atom Bank, Accord Mortgages, Nationwide, Halifax, The Nottingham, BM Solutions, Paragon, Keystone Property Finance, West One Loans, Clydesdale Bank, Virgin Money, Bank of Ireland, Foundation Home Loans, Skipton Building Society and Leeds Building Society.
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