BoE fixes technical fault
The bank had a problem with its electronic Real-Time Gross Settlement payment system, which enables the transferral of funds between banks for consumer loans and investment banking.
Payments are now being processed normally, while the bank’s opening hours have been extended until 8pm to make up for lost time.
Before the announcement was made John Penn, head of mortgage proposition at Intelliflo, highlighted the dangers of mortgage applications being delayed.
He said: “The completion date on a mortgage application is fixed, so if the completion date is changed there is a knock on effect.
“The removal van can be booked for the wrong day and solicitors could charge additional funds.
“If you are not going to complete or redeem your mortgage there will be additional costs involved.”