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MCD: cooling-off period replaced with reflection and reversion - true/false?
PaulAA_2
Posts: 56 Forumite
Hey all (in particular mortgage advisors here),
Does anyone know the legal stance regarding the minimum Product Reversion period applicable to remortgage deals, i.e. once the deal is signed, and once it starts, how much time do I have to pull out?
With MCD now in place the 14-day cooling-off period has been pulled, and the 7-day reflection period does not apply to remortgage deals.
My lender has refused confirming the pull-out rules in writing at citing that the new rules will be outlined in the letter that will be sent once the product starts. I need about 10 more days to shop around, but I've got no certainty what pull-out rules will be stated in that letter.
Thank you in advance.
Does anyone know the legal stance regarding the minimum Product Reversion period applicable to remortgage deals, i.e. once the deal is signed, and once it starts, how much time do I have to pull out?
With MCD now in place the 14-day cooling-off period has been pulled, and the 7-day reflection period does not apply to remortgage deals.
My lender has refused confirming the pull-out rules in writing at citing that the new rules will be outlined in the letter that will be sent once the product starts. I need about 10 more days to shop around, but I've got no certainty what pull-out rules will be stated in that letter.
Thank you in advance.
0
Comments
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If any new product has a product end date, this will show on the offer and override the 10 day or whatever reflection period.0
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