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TSB announces urgent product withdrawals

ended 19. June 2023

TSB has just announced: “On Monday 19 June at 4pm, we’re withdrawing the following Residential and Buy to Let products.”

Residential

  • All 2, 3 and 5 Year Fixed House Purchase and Remortgage £995 fee products

Buy to Let

  • All 2 Year Fixed House Purchase and Remortgage £1,995 fee and £0 fee products

It continued: “We expect to return to the market on 21 June for Residential products. Further information on Buy to Let products will be in due course. Please submit existing applications for these products by 4pm Monday 19 June as they won't be available after this time.” UK newswire, Newspage, asked brokers for their views, below.

8 responses from the Newspage community

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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
Words fail me. This is not an email well received at lunchtime on a Monday. Three hours' notice of rate withdrawals isn't considering the client or the adviser. This is the fourth time TSB have done this in less than two weeks. It comes as Santander has announced they are keeping rates steady for now, although I do think this will be the first of many withdrawals this week.
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Matthew Jackson
Director at Mint FS
TSB are running the risk of damaging their reputation irrevocably, or at least becoming a laughing stock with brokers around the country. Three hours and 45 minutes' notice, with the cut-off not even at close of business but 4pm. It makes no sense and is a real kick to mortgage brokers who are frankly working themselves into the ground at the moment. They would undoubtedly have known about the products being re-priced on Thursday or Friday, so why not give a good amount of notice and tell the market then?
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Michelle Lawson
Director at Lawson Financial
As much as this is not ideal and not giving the 24 hours' notice we are campaigning for, overall I think this is a sensible move. There is so much uncertainty and instability as the Bank of England and Government just cannot get a handle on the severity of the situation we are in. I think lenders are just going to be forced in withdrawing completely until the inflation announcement on the 21st June and the subsequent Bank of England rate decision on Thursday. This is a dire time for anyone wanting a mortgage currently and actually for all in the industry. Somebody needs to step in sooner rather than later and get this disastrous mess on a better path.
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Rohit Kohli
Director at The Mortgage Stop
Surprisingly, TSB has done this again. Questions need to be asked of their leadership and approach to pricing their products if they are having to react this way so frequently — this is the fourth change in just two weeks. This is what the regulator should be looking at to protect the consumer. Other lenders seem to be calmer but being honest I'm expecting there to be more changes through the week but I hope with more notice than this.
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Kylie-Ann Gatecliffe
Director at KAG Financial
Unfortunately, this is another episode of a lender giving brokers very little notice in changing products. As mentioned by other advisers, we really need to get to grips with a fair approach for both brokers and their clients. With Consumer Duty looming, pressure should not be put on clients to make decisions quickly, which rates getting withdrawn quickly is resulting in.
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Gary Bush
Financial Adviser at MortgageShop.com
Why, why, why does TSB feel the need to do this when other lenders like Santander appear to have acted early and are currently resting from any changes? The system is broken and I think the regulators need to be looking at the chaos being caused by UK lenders.
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Amit Patel
Adviser at Trinity Finance
What happened to treating customers and brokers fairly? We need more help from lenders in giving us brokers more time to submit applications.
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Anil Mistry
Director and Mortgage Broker at RNR Mortgage Solutions
This announcement by TSB comes as no surprise, and reflects the prevailing circumstances. Regrettably, they have not committed to the 24-hour pledge like some lenders, potentially leading brokers to hesitate in recommending their products amidst the ongoing economic situation, thereby eroding trust.