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

TSB waives mortgage early repayment charges

Written by: Owain Thomas
TSB will waive early repayment charges (ERCs) for customers who wish to move to another lender as the bank's IT problems continue.

The bank withdrew its product transfer service in early April and expected to start again at the end of May following the well-documented IT meltdown.

However, it has been hit by wider IT issues meaning existing customers have not been able to take up a new mortgage with the bank for more than three months.

Last month TSB apologised for the extended outage of the system and pledged that no customers would be left out of pocket as a result.

It has now gone further to include waiving ERCs for customers who wish to move to an alternative lender.

A statement from the bank read: “Where an existing customer wants to move to a new mortgage product with TSB but we cannot fulfil their product transfer needs at this point in time, we will fully refund the difference in interest charges between our standard variable rate or Homeowner Variable Rate (that they will move onto temporarily) and the fixed rate they could have otherwise secured until we can complete the product transfer.

“We also appreciate that some customers may not want to wait. Our advisers can talk them through alternative options available to help meet their borrowing needs (for example via a broker) and we will support customers if they want to move to another provider, for example,waiving applicable early repayment charges. 

“We recommend that any customers who may be impacted by the temporary withdrawal of product transfers get in touch with us as soon as possible.”

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
A fifth use equity release to pay off mortgage

More homeowners are using equity release to pay off mortgages, typically interest-only deals, analysis has revealed.