18 Jan, 2008
Marcel Le Gouais
Scottish Mortgages has stopped accepting new first charge mortgage
applications, but denied rumours it has pulled out of the
residential mortgage market altogether.
LSM confirmed this week that a limited number of staff were in
consultation over their future employment at the firm.
A spokeswoman for the lender says: "Due to current high levels of
business, we will not be taking any new first charge applications
until the existing pipeline has cleared."
The lender is reviewing ways of reducing its lending levels in
order to meet the Financial Services Authority's regulatory capital