Lloyds TSB Scotland pulls plug on intermediary mortgage lending

Lloyds TSB Scotland’s intermediary arm will stop accepting new mortgage applications at the end of the month.

Customers with existing Lloyds TSB Scotland Spearhead mortgages are unaffected by the decision.

Brokers must submit requests for new decision in principles by 10pm on 15 March and full applications must be submitted by 10pm on 31 March. Existing pipeline applications must be offered by 30 April.

The lender accounts for for only 0.5 per cent of Lloyds Banking Group’s intermediary mortgage lending and has separate products and criteria from other Lloyds brands.

A spokeswoman for Lloyds TSB Scotland says: “This move allows us to focus our intermediary proposition through leading broker brands Halifax Intermediaries, BM Solutions and Scottish Widows Bank.”