Saffron Building Society has temporarily paused new applications on all mortgages excluding its self-build offering.
The move was effective from 5pm yesterday, and all registered brokers have been contacted and provided an additional 24 hours’ notice to submit their completed applications.
Saffron stated that an “incredibly buoyant property market” is affecting all mortgage lenders, with many seeing record numbers of applications this summer.
The temporary pause does not affect the self-build mortgage range, and the society has confirmed that it will continue to honour the summer deal it launched in July.
Head of mortgage sales at Saffron, Tony Hall, commented: “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.
“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.”
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