Saffron Building Society is temporarily pausing new mortgage applications on all mortgages excluding self-build.
The pause began at 5pm today (4 August).
The mutual says that all registered brokers have been contacted and provided an additional 24 hours’ notice to submit their completed applications.
Saffron said that the increasing levels of interest in its range of mortgages – especially specialist products – has caused an impact on service levels for brokers.
Tony Hall, the Saffron’s head of mortgage sales, said: “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.
“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.”
The temporary pause does not affect the self-build mortgage range, and the society will continue to honour the summer deal launched in July.
Saffron said that all existing applications will be processed as agreed. Brokers are encouraged to keep checking the society’s website for regular updates, and can contact the Intermediary Support Team for new self-build enquiries on 01799 582 925 or ist@saffronbs.co.uk or the processing team for existing applications on 01799 582 966.