TSB admit to misleading customer

JARTH

Hi, I was wondering if anyone has ever been told they have been misled by TSB when seeking advice about consent to let?

I phoned TSB to ensure I was renting my property above board, to be then told I could not remortgage and would have to go to the variable rate.

I questioned why I had not been informed of this when seeking advice from them originally, and they stated they deliberately don't inform their customers of this?

I have been offered £40 for "misinformation" but want to know if anyone else has experience of this or if they have taken their complaint higher?

Thanks 

dunstonh

I phoned TSB to ensure I was renting my property above board, to be then told I could not remortgage and would have to go to the variable rate.

That is quite common when using a residential mortgage for a let property.  Some even add a couple of basis points to the interest rate.

I questioned why I had not been informed of this when seeking advice from them originally, and they stated they deliberately don't inform their customers of this?

Did you ask the question about deals or just ask for consent to let?

I have been offered £40 for "misinformation" but want to know if anyone else has experience of this or if they have taken their complaint higher?

That level of figure is in the ballpark of expectation as you are not worse off because of their mistake.

SpiderLegs

You probably need to clarify what you were asking, when and what the actual response was.

i wouldn’t have thought any bank would purposely commit to anything that could be subject to future policy changes, so it sounds quite reasonable for them not to disclose.

[Deleted User]

JARTH said:

Hi, I was wondering if anyone has ever been told they have been misled by TSB when seeking advice about consent to let?

I phoned TSB to ensure I was renting my property above board, to be then told I could not remortgage and would have to go to the variable rate.

I questioned why I had not been informed of this when seeking advice from them originally, and they stated they deliberately don't inform their customers of this?

I have been offered £40 for "misinformation" but want to know if anyone else has experience of this or if they have taken their complaint higher?

Thanks 

Did you say your were planning to the let the property originally?
Isn't it a switch from a personal to commercial product (BTL)?  

kingstreet

Staying with the same lender is not a remortgage. It's a customer retention product or a rate switch. Many lenders do not permit a rate switch when subject to consent to let. This is to encourage you to move your letting business onto a more formal footing at BTL rates.

Thrugelmir

Did you formally apply for Consent to Let, or just rang, asking a few questions before going ahead?