Do I have the right to cancel fixed rate and move to SVR ?

men9ar

I recently tried to cancel my fixed rate with HSBC and move to SVR. I was advised that I'm not entitled to do that and that I must take one of their other very expensive products...is this correct?

opinions4u

There is no obligation on the lender to allow you to move to their standard variable rate while you are committed to an existing product.

You wish to break your contractual agreement. They have offered a way for you to do this. You don't like it.

You could, of course, vote with your feet and remortgage elesewhere.

betmunch

Just wait until your fixed rate runs out and then you will go onto their SVR, just dont sign up for any new products

Thrugelmir

betmunch wrote: »

Just wait until your fixed rate runs out and then you will go onto their SVR, just dont sign up for any new products

Unless the terms of the fixed term product specify otherwise. Many now do not return to standard SVR.

betmunch

Thrugelmir wrote: »

Unless the terms of the fixed term product specify otherwise. Many now do not return to standard SVR.

Good point, rookie mistake by me!