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TSB lifts product transfer restrictions on mortgage holidays

  • 14/04/2020
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TSB lifts product transfer restrictions on mortgage holidays
TSB has opened up product transfers to borrowers who are on a payment holiday.


In a statement on its website, the bank said: “To make sure we’re looking after our customers through Covid-19, we’ve temporarily removed our restrictions on customers applying for a rate switch when on a payment holiday.”

TSB’s decision follows Halifax Intermediaries’ product transfer update brought in before the Easter break.

Nationwide, Barclays, Accord and Family Building Society have also confirmed they will allow product transfers during payment holidays.

In mid-March, chancellor Rishi Sunak’s announced that banks would offer a three month holiday to those facing financial difficulty because of the spread of coronavirus.

However, brokers found that some lenders would not allow a homeowner whose deal ended during the payment freeze, to switch to a new rate.

More than 1.2 million mortgage payment holidays have been issued to homeowners so far, according to UK Finance.

The number of mortgage payment holidays in place more than tripled in the two weeks between 25 March and 8 April, growing from 392,130 to 1,240,680. One in nine mortgages is now on hold.


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