A lack of communication between TSB and brokers regarding product transfer functionality is potentially causing difficulties in client relationships, Mortgage Strategy has learned.
In early July, Mortgage Strategy reported that the bank was waiving early repayment charges for customers who wished to leave because of problems switching data to the new ‘Mortgage Pro’ system.
Currently, brokers still cannot put through product transfer requests.
However, the TSB website states that for existing customers, “whilst you can’t yet switch your mortgage deal online, you can now go into your local branch, or call us… and our team of expert Mortgage Advisers will be happy to help.”
A broker, who does not wish to be named, contacted this publication to say that they had not been told of this development. Under the impression that product transfers were unavailable for all TSB customers, the broker says that, while waiting for the systems to be switched on, “I contacted 15 or 16 clients to tell them that you can’t even do a product transfer yourself but will be able to soon.
“It turns out that clients can now do product transfers directly, and there has been no communication with brokers.
“I have been told that it [the product transfer functionality for brokers] will be available very soon, in weeks rather than months, when I was expecting it in days rather than weeks.”
The broker fears that it could look as though they are misleading clients as a result.
“How they [TSB] want to do things is their business of course, but I feel quite let down in the lack of communication. All efforts to get in contact with TSB have failed,” the broker continues.
On contacting the bank, a TSB spokesperson says: “We would like to apologise for the delay in launching our product transfer capability for brokers and for any confusion this may have caused. We know how frustrating this must be, but we would like to reassure them we are working as hard as we can to introduce this function as soon as possible.
“We are totally committed to providing our brokers with the best service possible and giving them access to product transfer capability as quickly as we can is a part of that. We will continue to work closely with our brokers to ensure they are fully informed.”
