Building society suspends applications

December 22, 2020 by Brendan O'Neill

Lenders

Buckinghamshire Building Society has become the latest mortgage lender to announce that it is temporarily calling a halt to all new loan applications due to the volume of applications it has received.

The building society will not be processing any further mortgage applications or decisions in principle (DIPs) during this period, citing a level of demand for its products that is beyond anything that it has dealt with before. Only mortgage applications that had DIPs accepted before December 7th will be followed through until this period of suspension comes to an end. Buckinghamshire Building Society has stated that it will last until the start of next year.

It will be using this period to give full attention to those cases that are currently being processed, stating that its departments for underwriting and operational matters will already be at breaking point to deal with these existing cases, making it necessary to suspend new applications to keep up service standards.

Buckinghamshire Building Society’s Head of Lending, Tim Vigeon, told Mortgage Solutions that the lender took pride in providing the very highest standards of service to both advisors and customers, adding:

“Our award-winning product range is perhaps the widest of any small society, serving first-time buyers, movers, landlords, lending into and in retirement, self build and all points in between.”

Vigeon concluded by saying that the company was eager to get back to processing new applications in 2021.

There have been numerous instances of this from lenders post-lockdown as the mortgage market has thrived, with CeMAP training courses for advisors also experiencing a boom.