Hanley Economic Building Society has temporarily halted new lending in order to complete the final stage in the overhaul of its mortgage processing platform.

All mortgage products have been temporarily withdrawn from the direct and intermediary market with immediate effect.

The society said it will instead focus on servicing existing applications alongside the implementation of the system enhancements.
 
Hanley Economic revealed that it made the decision to ensure that any service disruption to mortgage borrowers and intermediary partners is kept to a minimum as the final stage of the development process takes place. The society has been working with DPR since April 2020 to overhaul its entire mortgage and savings platforms.

The completion of the overhaul will result in intermediary partners being able to access an improved online system which will help speed up and simplify the application process. The society added that it is aiming to relaunch its lending proposition in the second quarter.

“Work has been going on behind the scenes since April 2020 to transform our mortgage systems to ensure that we move to a more modern model which better reflects the innovative nature of the society,” said Hanley Economic head of marketing and business development, David Lownds.

“This process is almost complete and we have taken the step to temporarily halt new mortgage lending so that we can make this final transition as quickly and efficiently as possible.

“It marks the beginning of a new chapter for the society and when we return to the lending market, which will be sooner rather than later, we believe that we will be in a far stronger position to better service the ever-changing needs of our intermediary partners and their clients.”

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