Society manages mortgage rush 27.03.2008
As the impact of the credit crunch sets in, Cambridge Building Society, like many other lenders, has received far greater volumes of mortgage business than normal due to the shrinking supply of competitive mortgage products available nationwide.

Stephen Mitcham, the Society’s Chief Executive explains:

“The unprecedented volume of mortgage applications we have received in recent weeks has resulted in a number of mortgage products being over-subscribed and our lending services team has been working extended hours to manage mortgage application processing.

“This, clearly, is not an ideal position. We pride ourselves in the service levels we provide customers and mortgage brokers and over the past few weeks the sheer volume of business we have attracted has slowed our service down.

“In some cases we have not been able to accept mortgage applications we have received from mortgage brokers because the product has been over-subscribed.

“We are working hard to get service levels back to normal and will be introducing a new range of mortgage products shortly.”