Chelsea Building society drops out of intermediary market
Friday, 02 May 2008 15:49
Chelsea Building Society is to stop offering mortgages through intermediaries until May 9th.
The building society follows a general industry trend amid the credit crunch to only sell mortgages directly.
The lender said the decision was due to "unprecedented demand for products", with a high volume of mortgage applications from intermediaries.
Its mortgages sold directly through its branches remain unaffected by the decision.
Jeremy Hicks, divisional director communications at Chelsea, said: "Over recent weeks we have continued to receive a large level of business.
"We have made the decision to temporarily withdraw our mortgage range for intermediaries from the close of business on May 2nd, so that service levels are maintained."
Earlier today Abbey announced it was to return to the intermediary market, albeit with a severely limited range of products.