You are here: Home - Mortgages - Remortgage - News -

TSB product transfer mortgage service delayed by IT issues

Written by:
TSB is still not able to offer its customers mortgage product transfers after pulling the service at the start of April.

The lender stopped accepting new mortgage applications from existing customers during its move to a new platform, but had expected to accept switching requests from the end of May.

However, the lender’s battle with wider IT issues has delayed the return of its direct product transfer service.

There is now no date for the return of the service.

Customers forced to stay on the lender’s Standard Variable Rate (SVR) will be refunded the difference in interest payments, TSB has pledged.

No-one out of pocket

The lender hopes to have the service back as soon as possible, and to also offer the service to brokers as quick as it can, a spokeswoman confirmed.

She said: “We would like to apologise for the delay in turning our mortgage product transfer capability back on.

“We know how frustrating this must be but we would like to reassure our customers we are working as hard as we can to reinstate this, and no customer will be left out of pocket as a result.

“We would encourage any customers who are looking to complete a product transfer with TSB to contact us to discuss their circumstances as soon as possible.

“They can do this by contacting either their local branch or calling us on 0800 056 1088.”

It comes on top of a torrid couple of months for TSB, with the lender suffering mortgage service issues related to the weather and high demand, alongside the systems meltdown that left millions of customers unable to access their current accounts.

The lender last week admitted more than 1,300 customers had money stolen as result of IT problems.

MPs have called for TSB chief executive Paul Pester to quit over his role in overseeing the systems failures.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week