TSB Bank has admitted to brokers in a memo that technical issues with its new TSB Mortgage Pro system originally due to go-live in November mean advisers will not be able to do product transfers on the system until Q1 next year.
The lender is simultaneously rolling out a new banking platform to replace the Lloyds Banking Group platform it launched with in January 2015 and the inability to get the two systems to ‘talk to each other’ is holding up the move.
Intermediaries are currently unable to offer customers product transfers, although consumers can go to the lender direct.
However, mortgage distribution director Roland McCormack, said: “We will shortly be announcing our procuration fees for product transfers and whilst I’m not in a position to give the exact amount, I can say that the fee will take into account our understanding that there is a cost to you in providing advice.”
The TSB Mortgage Pro tool will include real-time scanning and uploads, faster application keying, soft footprints and alternative lending offers, it said. It will also be Application Programming Interface (API) compliant.
McCormack said: “From day one of our existence, we have been clear in our commitment to offer this facility, and I personally have been a vocal advocate in the market. That is why we have considered alternatives and manual workarounds for this short interim period, though sadly we have found it impossible to find a compliant solution.
“I, and my team, can only apologise for the change in the roll out of product transfers and we understand the frustration that this will cause you and your clients.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
