Monmouthshire Building Society has announced that for the short term it is not accepting applications from mortgage introducers.

The society, which is based in Newport, has taken this step because it sees its priority as meeting the needs of local people by offering attractive products backed up with high service standards.

Because many of the large mortgage lenders have been restricting access to mortgages, the Monmouthshire has recently experienced an unprecedented level of business from all over the UK from potential customers seeking to make use of our mortgage products.

If allowed to continue, it feels it could have a detrimental affect on its service standards.

Chief executive Andrew Lewis said: "To ensure we maintain our high service standards we are temporarily not accepting applications from mortgage introducers. We are still however considering applications made by local customers in person.

"We believe this will be a temporary measure but is necessary to continue to provide the high service standards which our customers expect. The message to these customers is that it is very much business as usual at the Monmouthshire.

"Meanwhile, our building society is enjoying a record financial year, is well managed and is financially very strong.

"Unlike some other financial institutions, we have not been adversely affected by the credit crunch because our business is primarily funded by savings deposits and not the wholesale markets."

Last year the Monmouthshire announced a record annual pre-tax profit of £3.74m for the 12 months to April, 2007, an eight per cent increase on the previous year's figure. In its 138th year in existence, the Newport-based mutual society also reported a nine per cent increase in asset growth to a record £527m.