Having overhauled its operating model, Mike Jones current director of Intermediaries at Lloyds Banking Group has taken on the additional responsibilities as managing director of Scottish Widows Bank.
Mike Jones 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. There is a segment of the home buying public that have specific requirements from their mortgage and we plan to offer competitive rates in this segment."
Formed in 1995, Scottish Widows Bank has been a long established life, pension and investment company. Entering the mortgage market sector in 1997, Scottish Widows Bank was one of the first lenders to launch a flexible and professional mortgage range in 1998. Since 2010, now part of Lloyds Banking Group, Scottish Widows Bank has been the Group's niche mortgage provider.
Scottish Widows Bank is committed to the broker market with plans underway to increase lending through the intermediary network. Having refreshed its product range this week, Scottish Widows Bank is reducing rates by up to 0.50% and launching a number of new products including a range of 2 Year fee free fixed and tracker rate products.
Some of the changes include:
- 0-60% LTV 5 year fixed rate professional mortgage is reduced by 0.50% to 3.19%
- 0-60% LTV 2 year fixed rate professional mortgage is reduced by 0.40% to 2.49%
New products
- A 0-60% LTV 2 year fixed rate professional mortgage has been launched at a rate of 3.09%
- New 75.01% to 80% LTV products across the 2 Year fixed and tracker product range
- New 85.01% to 90% LTV, 5 Year fixed professional mortgage product
Mike 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."
