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Scottish Widows halts new lending
17 March, 2008
Scottish Widows has put a temporary hold on new business applications across a number of its product ranges.
The move, effective from 5pm on Monday 17 March, will affect the Graduate, Flexible, Key Worker and Buy-to-Let ranges.
In an email sent out to brokers, the lender cited 'unprecedented and unexpected' application volumes as the reason for the decision, which it stressed was a temporary measure.
A spokesperson for Scottish Widows said: "We are restricting the range to professionals only. We are doing this specifically to be proactive; we appreciate that brokers want the best service."
The lender will however continue to accept applications on its five-year fixed and tracker Professional Mortgage products.
Scottish Widows has also pulled its two and three-year fixed rates.