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Scottish Widows reduces Professional range LTV to 100 per cent

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 notice.

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 this time.”

“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 for graduates.”

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General knowledge

So the FSA is advertising for a new chairman to replace Sir Callum McCarthy who,I believe, never intended to seek a second term so, in all fairness, we can say , his decision is nothing to do with the Northern Rock debacle with which his term as chairman of the FSA will forever be associated.

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