Cambridge BS temporarily withdraws resi and BTL products for new business
Cambridge Building Society has temporarily withdrawn its residential and buy-to-let products to new businesses from today to maintain service levels.
In a missive to brokers, the lender said it had made some changes to its mortgage lineup to slow applications, however, the mutual continued to see a “record number of applications” from channel partners.
Cambridge continued that in order to ensure it was in the “best position to continue to support you and your customers”, it would temporarily withdraw its residential mortgage and buy-to-let line of business to new businesses.
The mutual did not say when it would reopen its residential and rental mortgage lines.
Cambridge Building Society is the 13th largest building society in the UK, with gross mortgage lending in 2021 up 32% year-on-year to £318m.
The lender offers a wide range of products, including reduced variable rates, interest-only rates, fixed rates, home purchase assistance, condominiums, self-employed, vacation rentals and business mortgages. credit assistance.
Cambridge Building Society Head of Intermediaries, Kathy Bowes, said: “We take our commitment to intermediaries and their customers very seriously. We have seen an influx of inquiries over the past few months and as a responsible lender we have decided to take a short break from accepting new business to help us maintain our service levels.
“We did not take the decision lightly and we gave as much notice as possible to our registered channel partners. We also understand the challenges they faced.
She said product lines are available for product changes and additional borrowing.
Cambridge is the latest lender to temporarily withdraw product, with Hodge temporarily closing new business across all mortgage lines in June due to high business volumes and to maintain service levels.
Hodge has since re-entered the residential mortgage market, underwriting more than 50 residential, retirement interest only (RIO) and vacation rental mortgages.
Service levels are increasingly under pressure due to high levels of mortgage activity, with increasing pressure for lenders and brokers to meet demand.