Bluestone Mortgages is today suspending all new mortgage applications as part of a temporary pause in origination activities.

The lender says its decision has been “largely influenced” by the restrictions that have been placed on physical property valuations due to the COVID-19 pandemic.

While new applications are suspended, Bluestone will prioritise existing applications where the valuation has already been completed. All other applications will be processed and underwritten as normal, pending the availability of an acceptable valuation. All offered mortgage loans will continue to completion as normal.

Existing customers of Bluestone will not be affected by today’s announcement and the lender’s support services will remain open for these borrowers.

Bluestone says its decision will allow it to reallocate some employees to the relevant customer support teams to ensure that more resources are available to help existing borrowers as the situation progresses.

Steve Seal (pictured), managing director of Bluestone Mortgages, said: “Today’s decision has not been taken lightly. However, we believe it is a necessary step so that we can make the suitable staff moves and ensure that our employees and brokers can dedicate their time to supporting and guiding existing customers through this challenging time.

“Overall, our main priority is supporting brokers in every way we can so that they can continue to deliver strong outcomes for customers and to reassure them they are in safe hands.

“Bluestone will continue to follow the government guidelines and hope to re-open to new business as soon as possible and will update the market on news of this in due course.”