TSB mortgages experiences?

borborygmous

Hi

I'm considering the TSB's 10 year fix (relatively speaking, it has very low early repayment charges).

Does anybody have any experiences or opinions about them they'd be willing to share? Obviously the TSB in its current form is still fairly new...

I'm interested primarily in their post-mortgage application behaviour re level of bureaucracy and flexibility. For example, are they especially prone to "computer says no" behaviour or high charges with things like porting and consent to let? Do they have reasonable customer service? I noticed they came out bottom of the list recently on a customer service survey, but I'm not sure if that's just for banking.

Also, any thoughts re their financial stability and implications for mortgage holders?

Thanks for any info!

anna42hmr

My mortgage is with TSB, and have had a mortgage with them for nearly a year. So far I have found them really good, I have not had any problems as yet contacting them over the telephone (to make mortgage overpayments via card, increasing direct debit etc to do a regular overpayment etc).

I seem to get through to the phone quickly and as yet had no issues at all. The application process itself was fine as well (started application online and then completed application over the phone).

You can access mortgage info (payments, interest applied etc) on internet banking and have been quick to send out confirmation in the post (i.e. always received the letter confirming op made within days etc).

they have a section on their mortgage site for existing customer which gives an idea about flexibility etc http://www.tsb.co.uk/mortgages/existing-customers/

Thrugelmir

borborygmous wrote: »

For example, are they especially prone to "computer says no" behaviour or high charges with things like porting and consent to let?

Like any lender this will totally be dependent upon on the circumstances and details of the application at the time.

They wouldn't be in the lending business for long if they said no every time.

borborygmous

Thrugelmir wrote: »

Like any lender this will totally be dependent upon on the circumstances and details of the application at the time.

They wouldn't be in the lending business for long if they said no every time.

I think I understand and agree that you are correct -- however, I may have used the wrong words.

When I said "computer says no", I really meant that certain institutions have more stringent criteria, and perhaps make less room for the override of human judgement where it is useful.

Relying 100% on computer algorithms is a valid business strategy because it reduces costs, but I would be prepared to consider increased costs to provide some flexibility in my mortgage, especially as this is a long fix. Or, in this since this is a unique product as far as I can see, their flexibility, or lack of it, would influence my decision re whether to borrow with them.

MFWannabe

I would approach TSB and say that you are interested in their 10 year fix and that you'd like all the details on it such as early repayment charges etc
Then you should be able to make an informed decision regarding if this is the right mortgage for you