Cooling off period

makavelli_2

Have just remortgaged my house. Was advised to get in on a fixed rate while they are low so i opted for Coventry Building Society offset mortgage @ 4.64% for two years. I got a letter from nationwide to say my rate is now down to 3% that works out at a difference of nearly £100/month between the two mortgages. Trouble is the remortgage completed last week. Is there a cooling off period where mortgages are concerned? I know this was answered on the forum back in 2007 but i was wondering if any new legislation or whatever has come into place since then.

beecher

If you've completed, you'd have to pay an Early Repayment Charge, and I can't see how you could get back on to Nationwide's SVR as you are no longer their customer. Just have to chalk it up to experience.

opinions4u

makavelli wrote: »

Have just remortgaged my house. Was advised to get in on a fixed rate while they are low so i opted for Coventry Building Society offset mortgage @ 4.64% for two years. I got a letter from nationwide to say my rate is now down to 3% that works out at a difference of nearly £100/month between the two mortgages. Trouble is the remortgage completed last week. Is there a cooling off period where mortgages are concerned? I know this was answered on the forum back in 2007 but i was wondering if any new legislation or whatever has come into place since then.

You have had the whole period between applying for the remortgage and the loan completing. Why on earth do you expect a cooling off period after the legal work has been completed? Cake and eat it time!

Did you not see the occasional news report in that time about low interest rates? That was the time to act. Not now.