Saffron Building Society will be temporarily pausing new mortgage applications on all mortgages excluding self-build, from 5pm today (4thAugust 2022).
All registered brokers have been contacted and provided an additional 24 hours’ notice to submit their completed applications.
An incredibly buoyant property market is affecting all mortgage lenders, with many seeing not just unprecedented, but record numbers of applications this summer.
The increasing levels of interest in Saffron’s range of mortgages – especially specialist products – has caused an impact on service levels for brokers.
Tony Hall, Head of Mortgage Sales explained: “All lenders are here to provide the best service possible for brokers and their clients.
“In recent weeks, as other lenders started to temporarily pause mortgages, we have seen an upward trend in applications that is putting pressure on our service levels.
“At Saffron, the service we deliver to our brokers is paramount and we are at the stage where this incredible level of interest is impacting applications that have already been submitted.
“So, today we have made the decision to temporarily pause new applications to allow us to concentrate on providing the best possible service to those applications that are already being processed.”
Saffron Building Society launched Intermediar-ease, an initiative that provides openness and transparency around service because of its unfaltering commitment to improve service for brokers and their clients.
“Our number one priority remains to improve our service across the board, and the results have been positive.
“There was no way to predict this level of interest and although every action has been taken to mitigate the impact to brokers and clients, we needed to take further steps in support of those who have clients awaiting applications already submitted.
“We know how difficult this period is for brokers, and we want to reassure you this is a temporary measure to release the pressure and allow our teams to get back to the levels of service you are used to from us.
“I would like to take this opportunity to thank everyone for their patience and understanding at this time.” Hall concluded.
The temporary pause does not affect the self-build mortgage range, and the society will continue to honour the summer deal launched in July.
