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Scottish Widows Bank to boost lending through brokers

Mike Jones

Scottish Widows Bank plans to increase lending through intermediaries this year under the new leadership of Lloyds Banking Group director of intermediaries Mike Jones.

Following an overhaul of its operating model, Scottish Widows Bank is cutting rates by up to 0.5 per cent across its product range in preparation for higher lending volumes.

The rate on the five-year fixed rate mortgage at up to 60 per cent LTV is being reduced from 3.69 per cent to 3.19 per cent, while the rate on the two-year product at the same LTV is being cut from 2.89 per cent to 2.49 per cent.

A new two-year fixed rate professional mortgage at up to 60 per cent LTV has been launched at 3.09 per cent, along with new high LTV products in the two-year fixed and tracker product range and the five year fixed rate range.

Jones has been appointed managing director of Scottish Widows Bank.

He says: “The mortgage landscape may have changed over the last few years, but there is still a requirement for niche products such as professional and offset mortgages. There is a segment of the home buying public that have specific requirements from their mortgage and we plan to offer competitive rates in this segment.

“We have a compelling product range available to brokers and their customers. While allowing brokers to retain ownership of the case, we work with them from application stage through to settlement by providing them with individual case management to ensure that their customer has the best mortgage suited to their needs.”

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