Scottish Widows axes two and three-year fixes

Scottish Widows Bank is withdrawing its two and three-year fixed rate deals from 5pm tonight.

The bank says it is a result of unprecendented and unexpected business volumes.

Scottish Widows is also temporarily refusing new business applications on its graduate, flexible, key worker and buy-to-let mortgage ranges from 5pm this evening.

The bank will continue to accept online and postal applications on its flagship professional mortgage range on five-year fixed rates and tracker rates

From March 18 five-year fixed rates and two-year and term trackers will also be affected.

A statement from the lender says: “We remain fully committed to all of our other markets and we will continue to monitor our business levels so that we can start accepting new business across our whole mortgage range as soon as possible.”