The lender also announced that it has refreshed its professional and offset mortgage range and cut its rates by up to 0.50%.
Scottish Widows will now be offering a number of new 75.01% to 80% loan to value products across its 2-year fixed and tracker product range.
Other changes include cuts to the banks existing 2 and 5-year professional mortgage and the introduction of a new 5-year fixed professional mortgage product.
Mike Jones, director of Intermediaries at Lloyds Banking Group, said: “The mortgage landscape may have changed over the last few years, but there is still a requirement for niche products such as professional and offset mortgages.
Jones added: "We have a compelling product range available to brokers and their customers. Whilst allowing brokers to retain ownership of the case; we work with them from application stage through to settlement by providing them with individual case management to ensure that their customer has the best mortgage suited to their needs.”
Scottish Widows also announced that Jones, who was responsible for overhauling the banks operating model, will take on the role of managing director alongside his current position with Lloyds banking Group.