Scottish Widows has announced its plans to simplify its mortgage proposition in a bid to focus on the lifetime mortgage market.
From Friday the 17th of November, it will no longer accept purchase or remortgage applications for new customers.
Any applications submitted up to Thursday 16 November will be able to proceed to offer and completion as normal.
For existing mortgage customers, the lender will continue to provide a full range of mortgage services including porting, which will continue to be serviced via mortgage intermediaries.
Its lifetime mortgages are unchanged, and new business applications for these can be submitted as normal.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Slight shock at this latest announcement from Scottish Widows to exit the market, to solely focus on the Lifetime mortgage market.
“With little forward notice or warning to hear Scottish Widows has decided to exit the market is certainly unexpected.
“The lender was one of few to offer Offset products, but also their flexible criteria for certain clients will be missed.”
