25 Feb, 2008
Tanya Powley - 25-Feb-2008
Scottish Widows has become the latest
lender to withdraw from the 100 per cent plus mortgage market as it
lowered its Professional mortgage range from 110 per cent LTV to
100 per cent today.
Its graduate and key worker mortgage was lowered to 95 per cent
from 102 per cent in December.
Scottish Widows says the change is being introduced in the light of
current market conditions and will be in place until further
This comes after the market for 125 per cent LTV mortgages
disappeared last week with lenders exiting one after another.
A spokesman says: "Whilst we have considerable experience in
the 100%-plus mortgage market, the current conditions, alongside
our commitment to responsible lending and sensible approach to the
management of risk exposure, have led us to take this action at
"We remain fully committed to our core markets and continue to
offer a range of attractive features across each of our mortgage
products. This includes an individual underwriting process, to take
into account each and every customer's personal circumstances,
enhanced salary multipliers, consideration of key worker shift
allowances when assessing affordability, and parental guarantors