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No online cooling off period for mortgage application?
BAM666
Posts: 4 Newbie
My mortgage fixed rate was coming to an end so I called the lender to discuss my options staying with them and they suggested I look online as the deals were the same and the advisers had a long wait time.
I was pondering on a 2 year or 7 year fixed deal. I decided the 7 year deal probably suited my needs so I selected this deal. The deal was emailed to me and a I clicked on the link to agree it was what I applied for.
The screen did say " you have 14 days to consider this deal" So I thought this was referring to a 14 day cool off period and I thought the contract would be sent for a signature as it has been in the past.
But, I was advised by the lender that the "accepting" click was my signature. I fully appreciate the mistake was mine, but are they correct that the 14 day cool off period does not apply?
I was pondering on a 2 year or 7 year fixed deal. I decided the 7 year deal probably suited my needs so I selected this deal. The deal was emailed to me and a I clicked on the link to agree it was what I applied for.
The screen did say " you have 14 days to consider this deal" So I thought this was referring to a 14 day cool off period and I thought the contract would be sent for a signature as it has been in the past.
But, I was advised by the lender that the "accepting" click was my signature. I fully appreciate the mistake was mine, but are they correct that the 14 day cool off period does not apply?
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Comments
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Thinking I had 14 days cooling off, I had intended to show it to a mortgage advisor friend who was on holiday at the time just to make sure I made the right choice.
By doing it online you are confirming you do not require advice so why are you going to wait to get a mortgage brokers advice before confirming it?
It is really just a case of you not reading the screens enough to be honest, at no point does it say you have a 14 day cooling off period so why would you expect one?
Have you tried to call the lender to cancel the application? I assume it hasnt started yet?0 -
Deleted_User wrote: »... at no point does it say you have a 14 day cooling off period so why would you expect one?
.....
. In consumer credit, the Cooling Off Period permitted by the Consumer Credit Act 1974 as part of your Right to Withdraw is 14 days, so it wouldn't be unreasonable to expect one.
However, the FCA seems to think that there is no cooling off period unless it is arranged by an intermediary.
https://www.handbook.fca.org.uk/handbook/MCOB/4/6.htmlI'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Why did you wait until the rate you were on ended before agreeing to a new offer?
The time to do the research was in the 3 months prior to the end date when the mortgage company would have given you their offered rate.0
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