MSE News: IT shutdown stops TSB offering new fixed mortgages to existing customers 29 March 2018 at 5:46PM edited 3 April 2018 at 7:46PM in Mortgages & Endowments 16 replies 3.5K views

Former_MSE_Megan_F

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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Amst

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.

Thrugelmir

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.

anna42hmr

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!

prowla

6 weeks loss of service for an IT system is incredible.

Thrugelmir

prowla wrote: »

6 weeks loss of service for an IT system is incredible.

Totally new systems are far and few between.

KeyJ

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.

Amst

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.

liamwguy

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.

KeyJ

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.

paddyandstumpy

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