Finance

TSB forced to close UK branches after mortgage protests

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TSB gives out a BTL mortgage only if the borrower agrees to give tenants contracts of no more than 12 months

A major bank has been forced to close up to 30 UK branches after furious mortgage protests. TSB branches across the country had to shut when protesters took action against the bank’s BTL mortgage policy.

The bank has faced protests in Bristol and Brighton, with some branches occupied, while demonstrators have erected tents outside branches in the capital city, London. TSB gives out a BTL mortgage only if the borrower agrees to give tenants contracts of no more than 12 months.

Housing action group Acorn said: Renters need stability and security. It added: For five years, the Government has promised to end ‘no fault’ evictions but has not delivered. Bankers profit from the housing crisis. We are taking action!

It said: TSB’s BTL mortgages limit tenancies to 12 months, kicking renters out yearly. We urge TSB to provide renters with stability. TSB staff are calling the police and fleeing. For five years, the Government has promised to end ‘no fault’ evictions but has not delivered. In the meantime, bankers profit from the housing crisis. We are taking action for renters’ rights!

TSB’s BTL mortgages limit tenancies to 12 months, compelling renters to move yearly. We call on TSB to end this stress and provide renters with needed security and stability. TSB is an outlier, as most banks permit longer or unlimited tenancy contracts. We urge TSB to remove restrictions on contract lengths to give renters better protection, security, and stability, it added.

Dear TSB, you have been very sneaky, it added on Facebook in a status. Your Buy to Let mortgage terms only allow one-year tenancies, turning renters into annual eviction contestants. Now you are hiding and do not want to explain. What’s next, vanishing like a magician? it asked.

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