Bluestone Mortgages has announced it will be suspending all new mortgage applications from today as part of a temporary pause in origination activities.
The lender suggested its decision has been largely influenced by the restrictions placed on physical property valuations resulting from the coronavirus pandemic.
While new applications are suspended, Bluestone indicated it will prioritise existing applications where the valuation has already been completed. All offered mortgage loans will continue to completion as normal, while all other applications will also be processed and underwritten as normal, pending the availability of an acceptable valuation.
Existing customers of Bluestone will not be affected by the announcement and the lender said its support services will remain open for these borrowers.
“Today’s decision has not been taken lightly,” Bluestone managing director, Steve Seal, commented. “However, we believe it is a necessary step so that we can make the suitable staff moves and ensure that our employees and brokers can dedicate their time to supporting and guiding existing customers through this challenging time.
“Overall, our main priority is supporting brokers in every way we can so that they can continue to deliver strong outcomes for customers and to reassure them they are in safe hands.
“Bluestone will continue to follow the Government guidelines and hope to re-open to new business as soon as possible and will update the market on news of this in due course.”
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