Suffolk Building Society has returned to the residential, holiday let and buy-to-let purchase and remortgage markets after being one of the first lenders to withdraw from new business in the summer.
The mutual says its move follows a phased return of home loan products that began on 20 September, with expat and self-build offers.
At the time the firm said the mortgage market was “under increasing pressure” that saw it receive “extremely high levels of business which has resulted in service levels exceeding the target timescales it sets itself”.
Earlier in August, Saffron Building Society also said it would temporarily halt almost all new mortgage applications, because it was unable to cope with high levels of demand.
However, more than a thousand products have been pulled over the last few weeks as lenders work out how to reprice loans as the cost of debt for the government and companies has risen on international money markets, following Chancellor Kwasi Kwarteng’s tax-cutting mini-Budget late last month.
Suffolk Building Society head of intermediary relations Charlotte Grimshaw says: “After the temporary measure to pause our lending activity we are now pleased to return to the market with further product options, having recently launched self-build and expat deals.
“By adopting this phased approach, we have been able to manage a steady inflow of applications whilst progressing cases in our existing pipeline, successfully reducing our service times to a comfortable level.
“We are committed to underwriting and progressing cases within a comfortable timeframe, managing our service level agreements to ensure we’re giving a positive service to brokers and, in turn, their customers.”
