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16 Jan, 2008

Tanya Powley - 15-Jan-2008

London Scottish Mortgages, part of London Scottish Bank, has pulled its secured loan range.
The lender wrote to brokers yesterday stating that it would not be accepting cases submitted after today and will now be focusing on its first charge business.

But Optoma Broker Solutions has sent a notice round to its partners that following the announcement by London Scottish yesterday, until further notice, it will no longer be accepting new first charge mortgage applications for the lender.

It says it will be sending further communication later this week clarifying the position with regards to pipeline business but is currently unable to get a comment from London Scottish.

In a letter to brokers, London Scottish said: "London Scottish Mortgages regrets to announce that it is suspending second charge business until further notice. We will now concentrate on first charge business, with particular emphasis on financing the purchase of Park Homes."

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