Scottish Widows Withdraws Mortgages
March 18th, 2008 by Lianne
Scottish Widows has withdrawns both its two and three year fixed deal mortgages – and gave its brokers only half an hour’s notice!
According to the email they received, this was due to a huge volume of mortgage applications and the current unique market conditions.
It was only last week they pulled their five year fixed rate and tracker deal mortgages in order to cut the backlog of applications.
Temporarily, they also stopped accepting applications for their graduate, flexible, buy-to-let and keyworker mortgages. Not a great message to be sending out! Resources from these suspended mortgages will be put to use in processing the backlog of applications they already have.
You might wonder what that leaves them with! Well, apparently they will be concentrating on their ‘professional’ mortgages. What that means is, they don’t want to take any risk and are sticking with the rich buggers and sod off to the rest of the general population.
They do say that the suspension is a temporary measure but refuse to give timescales.
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This entry was posted on Tuesday, March 18th, 2008 at 10:15 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
March 21st, 2008 at 10:49 am
[...] on from our earlier article about Scottish Widows withdrawing several of their mortgages, two more lenders have now followed [...]