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, who has been appointed managing director of Scottish Widows Bank, says: “As part of the overall strategy to increase lending across the group, we have refocused our attention on the intermediary market. Last year, the primary focus for Scottish Widows was on savings and the mainstream mortgage market.
“We believe there is still an important place for niche products such as professional and offset mortgages. We have now reviewed our business and product proposition and have strengthened the SWB business development team in place to work with intermediaries.”
Prolific Mortgage Finance managing director Lea Karasavvas says: “It is great to see Scottish Widows Bank placing such an importance on the intermediary market and Mike’s appointment shows its dedication to this.”