New fixed rate too late to change?

dottiec

Our 5 year fixed rate product rate runs out on 31 January 2023.  I panicked and used the 3 month penalty relaxation period to transfer to a new 10 year fixed rate as interest rates were soaring.  So appointment on 2 November 2022 and agreed a rate of 5.70% which we have signed up for but which doesn't start until 1 February 2023.  I can now see the on this site that 10 year fixed rates from the Halifax have been reduced to around 4.95% for 10 years (with no product fee - less with fee).  Am I too late to go back and ask to change the product.  The date on the form we signed is 6 November and the confirmation letter from the Halifax laying out the terms of the new mortgage is dated 16 November 2022.  Is anyone on here a mortgage adviser that could advise on our position eg is it worth a phone call to them.  

MattMattMattUK

dottiec said:

Our 5 year fixed rate product rate runs out on 31 January 2023.  I panicked and used the 3 month penalty relaxation period to transfer to a new 10 year fixed rate as interest rates were soaring.  So appointment on 2 November 2022 and agreed a rate of 5.70% which we have signed up for but which doesn't start until 1 February 2023.  I can now see the on this site that 10 year fixed rates from the Halifax have been reduced to around 4.95% for 10 years (with no product fee - less with fee).  Am I too late to go back and ask to change the product.  The date on the form we signed is 6 November and the confirmation letter from the Halifax laying out the terms of the new mortgage is dated 16 November 2022.  Is anyone on here a mortgage adviser that could advise on our position eg is it worth a phone call to them.  

What does it say is the cooling off period in the term and conditions that came as part of the documentation you signed? 

dottiec

Thank you.  I have looked for the cooling off period and it says in the text of the offer letter :

"The loan amount and term used to work out your monthly payments in this offer assume a start date of 1st December.  Yu have told us that you want the new product to start on 1s february 2023, any changes in the term and balance of your mortgage between now and then will be taken into account.  We will send a completion letter with your updated monthly payment before your new rate is due to start.  Products available to you can change; if you are happy to go ahead you don't need to do anything else.  If you change your mind and want to cancel or look at other products between now and 1st February 2023 you will need to contact us."
 
Do you think we are able to change, or do you think they will say we will have to pay the penalty to change the new mortgage.  My brain always interprets things negatively.  Any thoughts would be appreciated. 

MFWannabe

It states if you wish to cancel or look at other products before 1st Feb to contact them so you should contact them 🤷‍♀️