Right of reflection on mortgage????

PsChuck

nosebag wrote: »

My lender Halifax told me I could waive that 10-day reflection period by calling them.

Yes, my solicitor has written asking me to waive my rights to the cooling off period. I know it has little impact, but I get nervous when asked to waive my rights....

But also don't want to suddenly complicate things if our settlement date gets brought forward.

Why are these things never easy?

Senior_Paper_Monitor

I repeat it is not a 'cooling off period' - it is a 'reflection period'.

The only restriction it implies is that the lender cannot withdraw (and that is not written in tablets of stone either - should they find out that you that drug peddler etc) within the reflection period.

You can proceed as/when you wish during the 'reflection period' or after. The act of instructing your solicitor is sufficient in the eyes of lender. If he/she insists on a formal letter indicating you are waiving something that is up to them but they are basically mistaken - no great shakes as long as they aren't charging you extra for this malarkey.

amnblog

In a industry meeting run by HBOS last year there were 50 of us in the room and not one of us could see the point of the 'reflection period' in the UK market. This is because there isn't one. You do not make a commitment to the lending until you request the funds. You would not request the funds until you were done reflecting.

The best we could come up with was that there are some countries in the EU where a borrower may apply for several lending options on a property and wish to keep their options open whilst they consider their preferred offer.

The 'reflection period' in this Country is therefore of no value and simply adds administrative cost to the process (which the consumer will pay for as the lenders will build it in to their pricing).

None of this of course should be a factor when you get out of bed on June 23rd.