The Government has announced it is selling off 66,000 mortgages and unsecured loans originally held by NRAM, formerly part of failed lender Northern Rock.
TSB has stopped accepting new mortgage applications from existing customers for up to six weeks while it updates its IT systems, MoneySavingExpert.com can reveal.
The mortgage market is "sitting on a ticking time bomb" because the EU and the UK regulator have failed to sort out "bonkers" new rules which mean homeowners are told they can't afford to get a cheaper mortgage deal, MoneySavingExpert.com founder Martin Lewis has warned.
Many homeowners paying a standard variable mortgage rate (SVR) with a decent credit score and 10%+ equity, can ditch their mortgage and save by getting a new one.