Precise and OneSavings Bank halt new lending

The suspension also applies to OneSavings Bank's lending brands, Kent Reliance and InterBay.

All lending brands of Precise and OneSavings Bank, which merged last year, have now removed access to their online application systems across residential, buy-to-let, second charge and bridging loans.

On its website, Precise Mortgages said: "Due to the unprecedented demand from our existing customers regarding payment holidays, latest government advice and the current situation with valuations, we have taken the decision to temporarily suspend new applications for all of our product lines and divert our resources to support our borrowers during this challenging time."

A statement on Kent Reliance for Intermediaries' website said: "We have taken the decision to temporarily suspend new applications for all of our product lines and divert our resources to support our borrowers during this challenging time."

Precise's website stated that it will not process applications that have not progressed to offer and valuation and assessment fees will be refunded if the case is cancelled and the valuation has not been completed.

It said that offer extensions can be considered on residential owner occupier cases where contracts have exchanged prior to 25th March and their circumstances have not deteriorated.