Business

Lloyds TSB switch puts mortgage in limbo

  • 7 September 2013
  • From the section Business
More than 600 Lloyds TSB branches will change to a TSB brand

The transfer of customers from Lloyds to TSB has left one customer unable to access his mortgage money.

Simon Wells from Cambridgeshire took out a self-build mortgage with Cheltenham and Gloucester to fund the building of his new home.

His mortgage is being transferred along with his current account to the new TSB brand which will be launched on Monday.

But when Simon needed £45,000 to pay his builder, he said nobody at the bank was able to find his details on any system.

He told Radio 4's Money Box programme: "The mortgage advisers are unable to help me because I've gone off their system. That is both Cheltenham and Gloucester and Lloyds.

"When we call the call centre, they say it's really a mortgage adviser who needs to help you, and yet there are no branches or mortgage advisers with TSB's branch network because it hasn't been launched yet."

Lloyds is moving the customers of 631 branches to the new brand.

Lloyds said in a statement: "We would like to apologise to Mr Wells for the inconvenience caused to him. It would seem that due to the unique nature of his mortgage Mr Wells was unfortunately given incorrect information which delayed receipt of funds. However, we have since been in contact with Mr Wells to resolve this issue."

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