Scottish Widows halts new lending

The move, effective from 5pm on Monday 17 March, will affect the Graduate, Flexible, Key Worker and Buy-to-Let ranges.

In an email sent out to brokers, the lender cited 'unprecedented and unexpected' application volumes as the reason for the decision, which it stressed was a temporary measure.

A spokesperson for Scottish Widows said: "We are restricting the range to professionals only. We are doing this specifically to be proactive; we appreciate that brokers want the best service."

The lender will however continue to accept applications on its five-year fixed and tracker Professional Mortgage products.

Scottish Widows has also pulled its two and three-year fixed rates.