Scottish Widows Bank suspends mortgage applications

  • Story by: David Pawsey
  • Magazine: MortgageAdviser
  • Published Monday , March 17, 2008

Scottish Widows Bank has been forced to suspend all mortgage applications except those for its professional mortgage.

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Due to unprecedented volumes of applications the lender said it was not accepting new business applications for its graduate, flexible, key worker and buy-to-let mortgages.

This change will take effect from 17 March at 5pm.

The decision follows the lender's announcement last week that it was closing its telephone lines for adviser's applications see related story.

Richard Clark, head of product development and marketing for Scottish Widows Bank, said: "We are still seeing exceptional levels of applications due to unique market conditions. This step will help us to focus on servicing the applications we have already received.

"During this time we are continuing with our flagship professional mortgage product. We remain fully committed to our other markets and we will continue to monitor our business levels so that we can start accepting new business across our whole mortgage range as soon as possible."