Mortgage transactions on hold as Bank of England Chaps system fails todayMake Text Bigger
Currently UK mortgage borrowers are unable to complete on their house purchases as the Bank of England have found a routine maintenance problems that affects CHAPS (Clearing House Automated Payment System) payments.
Managing director of CHAPS, Phil Kenworthy said: “CHAPS is currently unable to process payments. This is due to the Bank of England temporarily pausing the RTGS settlement system to resolve a technical issue. CHAPS is currently liaising with the Bank of England who are working hard to resolve the issue.”
The Bank of England statement said “We are working to address this issue as quickly as possible, and restart the system in a controlled manner.The most important payments are being made manually and we can reassure the public that all payments made today will be processed.”
Some transfers are currently being handled manually.
The Council of Mortgage lenders was as of this morning not yet made aware of issues by its members. but it is lucky that this happened on a Monday as it is the day with traditionally the least number of completions.
If any readers are having issues they are recommended to contact their bank straight away.
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