BoE Error Stops All UK House Sales

BoE Mortgage Transactions Hold.

The Bank of England (BoE) has had to put all mortgage transactions on hold after being hit by a technical fault, as a result of routine maintenance of the Real Time Gross Settlement System (RTGS) payment system and has had to freeze transactions.

The technical fault to RTGS has affected the Clearing House Automated Payment System (CHAPS) which is used to transfer high amount same-day transfers during the house purchase process.

The RTGS is a real time payment system that allows funds to be transferred between banks to fund investment banking and consumer loans.

The BoE has said that the system is being worked on to fix the problem as quick as possible and will restart the system in a controlled manner.