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10 year fix mortgage
Scoops1234
Posts: 2 Newbie
Hiya
Just after some advice. Our mortgage deal was coming to an end so we reserved a 10 year fix with the Yorkshire Building Society a couple of months ago. Its due to take effect in October. However, since reserving it we have found a better deal elsewhere and are looking at moving house.
We have contacted the YBS to cancel the reservation but have been told that we would have to pay the redemption fees even tho the product hasn't officially started yet??!!
Is this the norm? It doesn't seem fair or right that we are being charged for a product that hasn't started yet and we are not benefitting from.
Any advice?
Cheers.
Just after some advice. Our mortgage deal was coming to an end so we reserved a 10 year fix with the Yorkshire Building Society a couple of months ago. Its due to take effect in October. However, since reserving it we have found a better deal elsewhere and are looking at moving house.
We have contacted the YBS to cancel the reservation but have been told that we would have to pay the redemption fees even tho the product hasn't officially started yet??!!
Is this the norm? It doesn't seem fair or right that we are being charged for a product that hasn't started yet and we are not benefitting from.
Any advice?
Cheers.
0
Comments
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Presumably, you accepted an offer and had a cancellation/reflection period that has now expired? What does the paperwork say?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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