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Cooling off period
Ionkontrol
Posts: 802 Forumite
Does anyone know if there is a cooling off period with remortgaging?
Had a 2 year discount mortgage with the UnCo-operative Bank.
It came to the end and I decided to stay with them for another discount period of 1 year. 3 days after the completion, get a letter saying they are hiking they SVR to the tune of £80 a month. Phone them up saying I wanted out and would go to another lender, they reckon there is no cooling off period, but would be willing to honour the previous rate before increase. What a bunch of chancers, imagine, if I just sat there and thought "oh well", I'll pay the extra.......
Had a 2 year discount mortgage with the UnCo-operative Bank.
It came to the end and I decided to stay with them for another discount period of 1 year. 3 days after the completion, get a letter saying they are hiking they SVR to the tune of £80 a month. Phone them up saying I wanted out and would go to another lender, they reckon there is no cooling off period, but would be willing to honour the previous rate before increase. What a bunch of chancers, imagine, if I just sat there and thought "oh well", I'll pay the extra.......
0
Comments
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Hi,
I've just remorgaged there with the Abbey. I was a previous Abbey customer. They had a cooling down period (2 weeks I think).
Steven0 -
I think it depends on your mortgage. If it was an old one regulated under the Consumer Credit Act then there would be a cooling off period.
But, isn't that what you signed up to? A discount off their SVR which they can vary at their choosing?0
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