Following routine maintenance of a key payments system this morning, the Bank of England has been experiencing technical issues – preventing any mortgage transaction from taking place today (20th October 2014).
The Real Time Gross Settlement (RTGS) system that has experienced the faults, submits payment transactions for investment banking, as well as consumer loan transactions.
System problems which occurred earlier today have subsequently affected the Clearing House Automated Payment System (CHAPS) that is used by solicitors to transfer same-day mortgage payments during the property buying process.
The bank is working to resolve any issues as soon as possible. However the Council of Mortgage Lenders claim they have yet to receive any notification of problems from its members.
Managing Director of Chaps, Phil Kenworthy, advises consumers contact their mortgage lenders individually to determine if their payments have been affected and appropriate action to be taken.
Mr Kenworthy assures payments that are submitted today will be processed eventually and they are working alongside The Bank of England to help resolve the issues as quickly as possible.
