A class action lawsuit potentially worth up to £800 million is being filed today against high street bank TSB in relation to customers dubbed 'mortgage prisoners' locked into loans with high interest rates. Harcus Parker, a London firm of specialist group action solicitors, is bringing the case in the High Court which it claims could see up to 27,000 customers join the lawsuit.
TSB said it was aware of potential action and planned to "robustly defend its position", adding it was committed to treating affected customers fairly.
The action stems from mortgages worth £3.3 billion which TSB bought from now defunct bank Northern Rock. The deal, which completed exactly six years ago today, saw the bank create a new brand called 'Whistletree' which was purpose built to manage 27,000 former Northern Rock mortgages.
