How ‘final’ is a product switch with a future start date?

Sandwich

I’m currently going through the joyful experience of remortgaging. We’ve managed to ‘lock in’ a deal that begins in about 5 month’s time. Our broker has completed all the paperwork and our lender has sent out our confirmation documents. 

My question is, is there any way this product can be taken away from us at this point? Are there any further checks or stages to complete or are we completely secure (unless we decide to cancel)? The reason why I ask is because I’ll be starting a new job in between now and the switch, and I also wanted to do a current account switch (which involves a credit check). 

I have one other question: If (as unlikely as it seems) rates go down in a few months and we ask to switch from our current ’locked in’ product to one with a better rate, does that involve any further checks? I’m hoping it’s just a formality but I don’t know. 

johnhenstock

No. Once you accepted the offer, the contract is formed. Neother the bank nor you can just walk away.

you might be able to cancel the product for something better, but you risk losing any potential fees.

RelievedSheff

We secured our last remortgage 6 months early. In the 6 months between securing the rate and having the offer accepted and the deal starting rates did improve. We rang the provider, Halifax, and they switched us to the better rate. No additional checks were required.

MarcMCFC1986

RelievedSheff said:

We secured our last remortgage 6 months early. In the 6 months between securing the rate and having the offer accepted and the deal starting rates did improve. We rang the provider, Halifax, and they switched us to the better rate. No additional checks were required.

This is what Martin Lewis said in his Mortgage Special last week on ITV.

You can lock in a deal now, but if a better one comes along before this one begins, you are free to leave and go with the better deal.

CSI_Yorkshire

johnhenstock said:

No. Once you accepted the offer, the contract is formed. Neother the bank nor you can just walk away.

you might be able to cancel the product for something better, but you risk losing any potential fees.

Are you sure that's true?

I would expect, for example, that if the OP were declared bankrupt, died, or missed every payment between now and the time of the remortgage then there would be some implications.