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Converted Lurker

Scottish Widows Has Put A 'temporary Hold' On New Mortgage Applications

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It was always going to take six months or so before the first wave of the credit crunch began to hit the ordinary consumer, it's here now amongst us and the affects will probably take another six months or so to bed into 'joe six packs' mentality and as a result his behaviour. The pot of money has run dry, day by day lenders; cut ranges, close off deals, make excuses ....it doesn't wash. They don't have the money, even if they did no one is buying MBS. This position can never be 'rescued' surely?

Scottish Widows has put a 'temporary hold' on new mortgage applications

Scottish Widows has put a temporary hold on new business applications across a number of its product ranges. The move, effective from 5pm on Monday 17 March, will affect the Graduate, Flexible, Key Worker and Buy-to-Let ranges...

In its email sent out to brokers, the lender cited:

"Unprecedented and unexpected application volumes" as the reason for the decision, which it stressed was a temporary measure.

A spokesperson for Scottish Widows said:

"We are restricting the range to professionals only. We are doing this specifically to be proactive; we appreciate that brokers want the best service."

The lender will however continue to accept applications on its five-year fixed and tracker Professional Mortgage products. Scottish Widows has also pulled its two and three-year fixed rates.


Edited by Converted Lurker

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