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TSB making BTL product changes at lunchtime today

ended 31. May 2023

TSB is making changes to its B2L range - withdrawing its 2-year fixed house purchase and remortgage products - at 2pm today. 

According to the broker who passed on the email notice, it's very rare for a high street lender to change rates midway through the day and not at 5pm. 

Is this indicative of a chaotic mortgage market at the moment?

2 responses from the Newspage community

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Justin Moy
Managing Director at EHF Mortgages
The move to give only 2 hours notice is probably more about the lender suddenly having too many applications on a particular product, as other lenders had moved before them. It is rare for a high street lender to give such short notice, but given this was for a remortgage or purchase Buy to Let product, the take-up numbers would be low in the current climate. But it does show the whole mortgage world at the moment, and that we almost hang on every email we receive.
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Matthew Jackson
Director at Mint FS
TSB have history of doing this, previously giving under little to no notice when withdrawing all there residential rates.

Generally most reasonable lenders will withdraw at close of business - which could be midnight in a lot of cases - as although banks shut at 5pm, brokers are working late into the night, usually because of lenders pulling rates !

2pm is bit idiotic - where did they get this time from? Is this really treating customers fairly ? or the brokers they work with ?