Can I cancel an accepted mortgage if it hasn't started yet?

emeraldbugle

I have been offered a discount on SVR, I accepted and suddenly the SVR has been hiked. I knew this could happen, but there are now more attractive remortgages. The new rate doesn't start until mid Feb.

Does it depend on the lender? Or am I bound?

TMSL

You can cancel a remortgage any time up until completion, you may lose any booking fees or valuation fees that you may have paid

VIGILANT22

emeraldbugle wrote: »

I have been offered a discount on SVR, I accepted and suddenly the SVR has been hiked. I knew this could happen, but there are now more attractive remortgages. The new rate doesn't start until mid Feb.

Does it depend on the lender? Or am I bound?

You knew it could happen and accepted it.
When it did, you want to cancel?!

Logic, pls?......

emeraldbugle

We haven't paid any fees, it was an offer from the existing lender. Now they've hiked the SVR, it makes me suspicious that they have known this since beginning of Jan and before they sent out the paperwork with previous SVR for us to sign! Maybe I'm just cynical.

Thanks for your help.

emeraldbugle

VIGILANT22 wrote: »

You knew it could happen and accepted it.
When it did, you want to cancel?!

Logic, pls?......

Yes I was aware of the risks, but as it hasn't started yet, it makes sense to ditch it if I can? The logic being if I cancelled, it would be less expensive.

VIGILANT22

emeraldbugle wrote: »

We haven't paid any fees, it was an offer from the existing lender. Now they've hiked the SVR, it makes me suspicious that they have known this since beginning of Jan and before they sent out the paperwork with previous SVR for us to sign! Maybe I'm just cynical. Thanks for your help.

Did your adviser not explain that a discounted rate is not fixed.....

emeraldbugle

VIGILANT22 wrote: »

Did your adviser not explain that a discounted rate is not fixed.....

I know that it is not fixed as it is a 'discount rate'. You aren't really helping are you?

My question was 'Can I cancel before it starts?'

emeraldbugle

TMSL wrote: »

You can cancel a remortgage any time up until completion, you may lose any booking fees or valuation fees that you may have paid

Cancelled, it was not a problem. Thanks again for your help. :j

dunstonh

. Now they've hiked the SVR, it makes me suspicious that they have known this since beginning of Jan and before they sent out the paperwork with previous SVR for us to sign! Maybe I'm just cynical.

None of the staff or anyone involved in consumer roles knows when an SVR is going to change.