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18 Jan, 2008

Marcel Le Gouais

Date: 17-Jan-2008

London 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 requirements.

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