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Category : Business

Customers due to complete on Cheltenham & Gloucester mortgages left in limbo after glitch stopped transfers to solicitors

Mortgage customers at Lloyds TSB have become the latest victims of banking IT problems, with some customers due to complete on Cheltenham & Gloucester mortgages left in limbo thanks to a computer glitch that stopped money being transferred to solicitors.

The bank said an “isolated problem” meant that 23 mortgages had not completed as expected on Monday, but that the money had all now been cleared, allowing borrowers to make their purchases.

At least five people, however, incurred costs as a result of the problem, which prevented buyers moving into their new homes.

One couple said that they were left without their belongings overnight as a result of the problem. Danny Robins and his wife Eva were due to move into their new home on Monday following a 2pm completion.

“Things kept slipping back. Lloyds were saying that they had sent the payment to our solicitor, then at 4pm they admitted there had been an IT error and the money had not been transferred,” Danny Robins said. “All of our stuff was in the removals van, the sale on our flat had completed. We were stuck.”

The couple were able to stay with relatives overnight, but they incurred costs in rearranging the move. Eva will lose a day’s pay and the removals company is charging them an additional £260. They also fear they will receive bills from those further up their five-transaction chain. “We’re liable for everybody’s costs up the chain. No doubt our solicitor will be receiving claims for other people’s removals costs and maybe hotel bills over the next few weeks.”

A spokeswoman for Lloyds Group said the cause of the problem had been located and fixed, and that there were no continuing problems in processing mortgages.

“As far as we can see there are five customers who have incurred costs and our customer experience team is working with their solicitors,” she said. Asked about costs further up chains, she said customers should get in touch with the bank if they had a claim.”

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