Scottish Widows, a smaller lender in the market, has decided to stop offering mortgages to new customers due to the significant decrease in home loan applications. The company will now focus on the lifetime mortgage market instead. This decision comes as the number of new mortgages obtained in September dropped by 35% compared to the previous year. Experts believe that Scottish Widows' specialization in later life products may have influenced this strategic shift.
Scottish Widows has pulled all mortgages for new customers purchasing and remortgaging as the number of people applying for home loans plummets.
Scottish Widows’ specialism for later life products could also have an impact on the decision, experts say.t and perhaps so it may be that Scottish Widows is focusing on being a recognised specialist lifetime brand rather than struggling to compete in the mainstream markets.”on Friday 17 November but any applications submitted up to Thursday 16 November will be able to proceed to offer and completion as normal.
Strutt said there has been an increase in demand for this type of mortgage as mortgage rates homeowners continue to use their savings to offset the higher interest rates while still having access to their cash. Whilst the narrower niche of offering offset mortgages has helped Scottish Widows to be more flexible and bring in custom it hasn’t always maintained the same profile in recent years.
Scottish Widows Mortgages Home Loans Lifetime Mortgage Market Applications Decrease Lenders Bank Of England Pandemic Remortgaging Equity Releases
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