Tsb remortgage

lmille38

We have a two year fixed term mortgage with tsb which is coming to an end. I phoned them today to find out what they could offer in terms of another fixed term and was told....

"I can't tell you about our products or interest rates, I can only offer advice..... I advise we talk through your current finances and make sure we're getting you the right product, it will take about an hour"

Now I didn't have an hour but this seemed a bit odd to me. Why as a current customer do I basically need to go through a remortgage process when I know what I want and my circumstances haven't changed?

I assume I would then be subject to another credit check as well?

Any advice much appreciated, thanks.

ACG

Because they have to.

It all changed last saturday with the MMR.

Thrugelmir

TSB are a new bank having been split away from Lloyds. So will use every opportunity to review their inherited customer base.

Southend1

I switched to a new deal with tsb a couple of months ago. It was a simple question of which rate I wanted to choose from the range. No questions about my finances at all. Has it really changed this much due to the new rules? I assumed they were for new borrowing or remortgaging only, not changing deals.

kingstreet

For some reason, some lenders are treating a customer retention product as a material change requiring an affordability calculation, despite the original MMR saying it wasn't necessary.

https://forums.moneysavingexpert.com/discussion/4955808

amnblog

Southend1 wrote: »

I switched to a new deal with tsb a couple of months ago. It was a simple question of which rate I wanted to choose from the range. No questions about my finances at all. Has it really changed this much due to the new rules? I assumed they were for new borrowing or remortgaging only, not changing deals.

Lenders now have to have qualified people giving 'regulated advice' on their mortgage product range. These people are on salaries.

As a result costs are higher than under their previous 'non advised' service. It makes sense for the bank to keep their staff as busy as possible with as many selling opportunities as possible.

Not much good for the borrower who only wants a new rate - but when was it ever about the customer.