MSE News: IT shutdown stops TSB offering new fixed mortgages to existing customers

edited 3 April 2018 at 7:46PM in Mortgages & Endowments
16 replies 3.5K views
Former_MSE_Megan_FFormer_MSE_Megan_F Former MSE
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edited 3 April 2018 at 7:46PM in Mortgages & Endowments
TSB has stopped accepting new mortgage applications for fixed deals from existing customers for up to six weeks while it updates its IT systems, MoneySavingExpert.com can reveal...
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'IT shutdown stops TSB offering new fixed mortgages to existing customers - leaving some stuck on pricey rates'
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  • AmstAmst Forumite
    141 Posts
    500 people affected out of 1.3Bn and they're also offering to waive any ERCs - somehow the affected still manage to be offended. They say they're treating existing customers terribly but give them a sniff of a better rate elsewhere and they'd jump ship every day of the week too.
  • ThrugelmirThrugelmir Forumite
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    Amst wrote: »
    500 people affected out of 1.3Bn

    Explains the timing of the system upgrade. I'm sure the 500 will be cared for if they make direct contact with the TSB. Far cheaper than negative PR and a loss of business.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • anna42hmranna42hmr Forumite
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    Isn't it better that they do it this way than to allow them to start the process and then have it fail/get stuck between the two systems and never happening. Sensible planning if you ask me!
    MFW # 105
    2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12

    2021 Target £2000 / 1,506.82 OP as at July

    Total OP since mortgage started in 2015 = £27,917.54
  • prowlaprowla Forumite
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    6 weeks loss of service for an IT system is incredible.
  • ThrugelmirThrugelmir Forumite
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    prowla wrote: »
    6 weeks loss of service for an IT system is incredible.

    Totally new systems are far and few between.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • KeyJKeyJ Forumite
    9 Posts
    I called TSB and was advised on this earlier this week however the lady I spoke to said they were currently unable to confirm when the systems implementation would be complete - she never mentioned the 6 week window.

    I am looking to remortgage and borrow more for home improvements to take place late summer and she said she couldn't confirm if it would be done by then and so if I were to look elsewhere they would waive the early repayment charges. I asked them to issue this in writing but was advised that's not something they are doing.

    I've started looking elsewhere, but considering how long mortgage applications take place, I'm conscious this won't complete until after 6 weeks and they'll turn around and say they are not waiving the charges.
  • AmstAmst Forumite
    141 Posts
    KeyJ wrote: »
    I called TSB and was advised on this earlier this week however the lady I spoke to said they were currently unable to confirm when the systems implementation would be complete - she never mentioned the 6 week window.

    I am looking to remortgage and borrow more for home improvements to take place late summer and she said she couldn't confirm if it would be done by then and so if I were to look elsewhere they would waive the early repayment charges. I asked them to issue this in writing but was advised that's not something they are doing.

    I've started looking elsewhere, but considering how long mortgage applications take place, I'm conscious this won't complete until after 6 weeks and they'll turn around and say they are not waiving the charges.

    Considering it's a requirement for anyone who is FCA regulated to record inbound phone calls they're hardly going to change their story afterwards and get hammered by the FOS.
  • You're also not able to discuss any additional borrowing which is unfortunate. The offer to waive only applies to those customers in the last 3-months of their fix. As another poster mentioned, the 6-week period touted is by no means a certainty.
  • KeyJKeyJ Forumite
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    I'm not in the last 3 months of my fix, but because I wanted to make additional borrowing and they weren't able to discuss it, they said they would waive the early repayment charges.
  • paddyandstumpypaddyandstumpy Forumite
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    Amst wrote: »
    Considering it's a requirement for anyone who is FCA regulated to record inbound phone calls they're hardly going to change their story afterwards and get hammered by the FOS.

    Is it a requirement by the FCA though? I work for an MGA, we're regulated by the FCA but don't record calls as we only deal B2B
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