You are here: Home - News -

TSB halts product transfers for two months to allow technology platform switch

  • 03/04/2018
  • 0
TSB halts product transfers for two months to allow technology platform switch
TSB is not accepting new mortgage applications from existing customers, as the bank switches data over to its new platform.


The lender will not be taking applications for product transfers until around the end of May, though has not provided an exact date of when it will again be able to accept requests.

Borrowers who do not want to wait to switch have been told to get in touch directly with the lender.

TSB promised that customers, such as those forced to stay on its Standard Variable Rate (SVR) for longer, would not be left out of pocket by the situation.

The bank is switching 1.3bn customer records across to its new platform, in what it says is one of the biggest ever bank migrations in Europe.

As a result, the lender said it needed to temporarily “turn a few things off” while the change goes through.

TSB unveiled its new platform at the end of last year, which includes Application Programming Interface (API) functionality for mortgage advisers.

Core systems such as ATMs, payments and its mobile app have already been switched to the new system.


Turn things off

A spokeswoman for TSB said: “As you’d expect with any transformation programme of this size, we need to turn a few things off temporarily while we make this change.

“As a result, we won’t be accepting any new applications for product transfers for a few weeks.

“We’re really sorry for any inconvenience this will cause customers.

“We appreciate that some customers may not want to wait and we recommend that anyone in this situation gets in touch with us as soon as possible.

“They can do this by contacting either their local branch or contacting us on 0800 056 1088.

“We will review any situation on a case-by-case basis to ensure that our customers are not left out of pocket.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
clock next to a stack of pound coins
Interest-only mortgages are the next mis-selling scandal, legal tech firm claims – analysis

As many as hundreds of thousands of interest-only borrowers could be owed compensation after being mis-sold mortgages by their broker,...