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  • FIRST POST
    • MSE Megan F
    • By MSE Megan F 29th Mar 18, 5:46 PM
    • 368Posts
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    MSE Megan F
    MSE News: IT shutdown stops TSB offering new fixed mortgages to existing customers
    • #1
    • 29th Mar 18, 5:46 PM
    MSE News: IT shutdown stops TSB offering new fixed mortgages to existing customers 29th Mar 18 at 5:46 PM
    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...
    Read the full story:
    'IT shutdown stops TSB offering new fixed mortgages to existing customers - leaving some stuck on pricey rates'

    Click reply below to discuss. If you havenít already, join the forum to reply.
    Last edited by MSE Luke; 03-04-2018 at 7:46 PM.
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Page 1
    • Amst
    • By Amst 29th Mar 18, 7:01 PM
    • 113 Posts
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    Amst
    • #2
    • 29th Mar 18, 7:01 PM
    • #2
    • 29th Mar 18, 7:01 PM
    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
    • By Thrugelmir 29th Mar 18, 8:18 PM
    • 60,275 Posts
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    Thrugelmir
    • #3
    • 29th Mar 18, 8:18 PM
    • #3
    • 29th Mar 18, 8:18 PM
    500 people affected out of 1.3Bn
    Originally posted by Amst
    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.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • anna42hmr
    • By anna42hmr 30th Mar 18, 6:16 AM
    • 2,481 Posts
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    anna42hmr
    • #4
    • 30th Mar 18, 6:16 AM
    • #4
    • 30th Mar 18, 6:16 AM
    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 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500 / OP so far £2152.60 as at October
    Total OP since mortgage started in 2015 = £20,813.96
    • prowla
    • By prowla 30th Mar 18, 7:24 AM
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    prowla
    • #5
    • 30th Mar 18, 7:24 AM
    • #5
    • 30th Mar 18, 7:24 AM
    6 weeks loss of service for an IT system is incredible.
    • Thrugelmir
    • By Thrugelmir 30th Mar 18, 10:11 AM
    • 60,275 Posts
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    Thrugelmir
    • #6
    • 30th Mar 18, 10:11 AM
    • #6
    • 30th Mar 18, 10:11 AM
    6 weeks loss of service for an IT system is incredible.
    Originally posted by prowla
    Totally new systems are far and few between.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • KeyJ
    • By KeyJ 31st Mar 18, 9:19 PM
    • 9 Posts
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    KeyJ
    • #7
    • 31st Mar 18, 9:19 PM
    • #7
    • 31st Mar 18, 9:19 PM
    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
    • By Amst 1st Apr 18, 1:56 PM
    • 113 Posts
    • 84 Thanks
    Amst
    • #8
    • 1st Apr 18, 1:56 PM
    • #8
    • 1st Apr 18, 1:56 PM
    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.
    Originally posted by KeyJ
    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
    • By liamwguy 6th Apr 18, 12:27 PM
    • 4 Posts
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    liamwguy
    • #9
    • 6th Apr 18, 12:27 PM
    • #9
    • 6th Apr 18, 12:27 PM
    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
    • By KeyJ 8th Apr 18, 8:39 AM
    • 9 Posts
    • 1 Thanks
    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
    • By paddyandstumpy 8th Apr 18, 9:04 AM
    • 1,159 Posts
    • 643 Thanks
    paddyandstumpy
    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.
    Originally posted by Amst
    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
    • MarkBedford
    • By MarkBedford 10th Apr 18, 10:46 AM
    • 2 Posts
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    MarkBedford
    paddyandstumpy--you would like to think they cannot change their story but on day 1 of this[28th march]I was told it should be sorted by April 1st--then on the 3rd April I was told it would be probably be between 6-8 weeks--then three days later told it should be 3-4 weeks.Now it seems to be 6 weeks again!!!!
    amst-yes I am offended having been told I could arrange new deal on the Friday only to find by Monday all deals were off.
    Do you really think they have 1.3 BILLION accounts...that is a large part of the worlds population !
    I was not trying to jump ship for a better deal--just trying to be loyal and stay with my existing provider.
    This failure does not affect people elsewhere jumping ship to TSB for a better deal-they can still apply-only loyal existing customers are affected.
    • aimone111
    • By aimone111 10th Apr 18, 12:48 PM
    • 3 Posts
    • 0 Thanks
    aimone111
    Fca
    I have spoken to the FCA about this and they have confirmed that TSB are in breach of rules 6 and 7 of their principles, as well as section 3A.2.4 of the MCOB rulebook as they are still advertising rates for existing customers and saying they wont honour them. if the rates go up they will essentially be penalising customer based on something TSB got wrong.


    I would move but as I went through help to buy it would mean re-mortgaging with an additional 20% of the mortgage I have now (due to people not taking the mortgage unless its in full I have been advised by 4 lenders). Which would mean more interest so again penalising the customer based on TSBs incompetence.


    I would recommend emailing paul.pester@tsb.co.uk and if they still decline which they did me, then go to the financial ombudsman.
    • liamwguy
    • By liamwguy 24th Apr 18, 2:20 PM
    • 4 Posts
    • 0 Thanks
    liamwguy
    @KeyJ - Interesting... well that's what i was told initially too (via a local branch) but on following up with TSB Mortgage Services (by phone), the last 3 months was then mentioned...

    Have you gone ahead and proceeded to move elsewhere then?
    Last edited by liamwguy; 24-04-2018 at 2:21 PM. Reason: Needed to direct comment to user...
    • liamwguy
    • By liamwguy 25th Apr 18, 10:30 AM
    • 4 Posts
    • 0 Thanks
    liamwguy
    @aimone111

    I thought I'd chance an email to Paul Pester as per your suggestion and to my surprise, he replied yesterday (same day of writing), apologised and said he's asked head of customer services to contact me in the next few days!

    I'll respond further with any updates on the situation.
    • CityBlue
    • By CityBlue 26th Apr 18, 10:00 AM
    • 11 Posts
    • 4 Thanks
    CityBlue
    We are currently is the process of selling our house and the purchaser has a mortgage through TSB. It should have completed this week, however they are not able to get an answer from TSB as to when they are going to get the mortgage money through. All very frustrating as we are now stuck with no idea how long this is going to take.

    Anyone else having this issue?
    • aimone111
    • By aimone111 27th Apr 18, 11:25 AM
    • 3 Posts
    • 0 Thanks
    aimone111
    Hi,


    I have had to email Paul Pester again and in the end spoke to the customer service manager, who has said they will honour the rate I saw, 2.29% for 5 years fixed. so its definitely worth pushing.


    I still have a complaint open with the ombudsman as I don't trust TSB, so until its complete it will stay open, but that was good news.


    Funnily enough now, since the IT problems, my mortgage has disappeared from my account, fingers crossed it wont come back
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