Brokers have 24 hours to submit a complete mortgage application
Overwhelmed by increasing demand, Saffron Building Society has announced that it will be temporarily pausing new mortgage applications on all mortgages excluding self-build, starting 5pm today.
Brokers were already informed of this development and were provided an additional 24 hours to submit their completed applications.
Tony Hall (pictured), head of mortgage sales at Saffron Building Society, explained that Saffron’s temporary pause is to ensure existing applications can be prioritized. He added that increasing levels of interest in Saffron’s popular range of mortgages, particularly specialist products, has caused an impact on service levels for brokers.
“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,” Hall said. “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.”
In May, Saffron launched Intermediar-ease, an initiative aimed at providing openness and transparency around service for brokers and their clients.
Read more: Saffron launches new initiative for brokers.
“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,” Hall said.
“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.”
Saffron clarified that the temporary pause does not affect the self-build mortgage range, and that the society will continue to honour the summer deal launched in July. It stressed that all existing applications will be processed as agreed.
Brokers are also encouraged to keep checking the building society’s website for regular updates, and contact its intermediary support team for new self-build enquiries or the processing team for existing applications.