Standard Life Mortgages Closes for New Lending, reports London Mortgage Advice Monday, 4th January 2010

Following its sale to Barclays, Standard Life Bank will no longer be accepting mortgage applications from mortgage brokers,

They agreed a deal to buy Standard Life Bank from parent Standard Life for £226m in October.

It says in an email to mortgage brokers : “Whilst there will be no further sales of SLB Mortgage products to intermediaries or directly, new and further borrowing requests will continue to be accepted from existing SLB customers.

“Existing customers will be able to continue servicing their mortgage in the same way, either over the phone or online.

“There are also no changes to the availability of certain features for existing customers, such as cash reserve, borrow back, payment holidays and offsetting.”

Barclays formally completed its acquisition today.

Barclays had a total mortgage book of approximately 824,000 accounts worth £84.4bn as at June 30 2009.

The average LTV of its mortgage book was 44% and the average LTV of new mortgage lending was 46%.

Net new mortgage lending stood at £2.2bn for the six months to June 30, and three-month arrears accounted for 1.16% of Barclays’ book.

Meanwhile at the same time Standard Life Bank had approximately 78,000 mortgage accounts and a total mortgage book of £8.8bn.

The average indexed LTV was 48% and three-month arrears represented 0.68% of Standard Life Bank’s book.