Penrith Building Society has temporarily paused new mortgage applications as lenders slow down business activity in the face of economic turmoil.
A number of lenders have taken the decision to halt lending and reprice once the market conditions are clearer.
A statement from the Society read: “We are temporarily pausing new mortgage applications.
“This is a decision that we have not taken lightly, but due to an unprecedented level of new business, our service levels have begun to reach a point that we are no longer comfortable with.
“Pausing new applications will enable us to quickly process our backlog and get all cases to offer and completion as soon as possible.
“The decision to re-enter the market will be communicated as soon as possible.
“Thank you for your understanding and patience during this time.”
