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18 Mar, 2008

Tanya Powley - 17-Mar-2008

Scottish Widows Bank has announced it will temporarily stop accepting new business application for its graduate, flexible, key-worker and buy to let ranges.
It says it will only accept online and postal applications for its professional mortgage.

In an additional move, the lender has also announced that its 2 and 3 year fixed rates are being withdrawn with effect at 5pm today. It has only given half an hour notice of this withdrawal.

It says it is continuing to experience unprecedented and unexpected volumes of mortgage applications.

Last Tuesday the lender closed its phone lines to cope with its backlog and service problems and has only just reopened them today.

Head of product development and marketing Richard Clark says: "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."

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