When does a mortgage become binding/ cooling off period

ek247

Yesterday I. went to Santander (Abbey) to ask for an offset mortgage. I still wanted to shop around but before I knew it the lady made me sign a contract. I had to pay a fee of £1500 which I did not (stating I would come pay it the next day). I would like tr know if the contract is legally binding, whether I have a cooling off period as I do not want to pay the £1500 as I still want to shop around for the best deal.

worried_jim

You signed the contract on premises so there is no cooling off period as you entered the premises under your own freewill as opposed to someone cold calling you at home catching you by "surprise".You went shopping for a mortgage and you bought a mortgage from a mortgage shop. Job done.
Obviously its worth calling them, but I don't think that they will let £1500 profit slip thru there fingers easily. It may be worth shopping around "online" and going back with a better deal (if you can find one) and seeing if they will better it. Good luck !

_Andy_

Sorry but no-one 'made' you sign a contract. If you didn't want to sign it, why did you?

Wutang_2

ek247 wrote: »

Yesterday I. went to Santander (Abbey) to ask for an offset mortgage. I still wanted to shop around but before I knew it the lady made me sign a contract. I had to pay a fee of £1500 which I did not (stating I would come pay it the next day). I would like tr know if the contract is legally binding, whether I have a cooling off period as I do not want to pay the £1500 as I still want to shop around for the best deal.

So, you didnt pay the money, you don't want to pay the money and you would like to look at other mortgages...?

Its a tricky one.

VIGILANT22

I think before doing anything else you have to learn to say "No thank you", that way you won't have any concerns/anxiety and wont waste other people's time.

Oh and if you want to see what is available in the market, use a whole of market adviser....instead of you tripping up and down the high street/surfing the net etc...........

ek247

Just come back and apparently it was not legally binding. Going to do a bit of shopping around to find a better deal