Together, which is one of the UK’s largest non-bank lenders with a loan book in excess of £4.3bn, said it was making the move as it looks to protect its existing customers and borrowers.

The lender added that all cases which have received a binding offer and are still wishing to proceed will be reviewed in light of COVID-19 with an enhanced focus on valuation, affordability and plausibility of exit where it is a bridging case.

An email sent to partners read: “These decisions have been extremely difficult to make and ones that we’ve not taken lightly.

“We do not underestimate the impact this could have on you and your customers. We’ll endeavour, where valuation costs have been incurred and you’re unable to re-use them, to work with you regarding reimbursement on a case by case basis.

“While we focus on our binding offer pipeline and our existing £4.3bn loan book over the coming months, we will also continue with further automation of our systems and streamlining our processes so that when we return to the market with our new lending criteria we will do so in a strong position to support you and your customers.

“We thank you for your support and hope you can understand the reasons behind our decisions and will continue to work as closely with us in the future as you have done in the past.”

Together has been approached for further comment.