HSBC pulled a fast one. What are my options?
Yesterday I decided that it's best that I switch my standard variable rate mortgage on HSBC which went up to 6.2% and I logged into HSBS's website and found that they have a 5 fixed year fixed deal at 5.24%, reducing my mortgage to £956/month. So I made the switch application online.
Later on the same day in the evening, I chanced across an article online that stated that HSBC is going to release new rates from Monday (the next day) - by the time I had read the article, it was late and I didn't see any option online to cancel my switch, which was shown as being in progress.
So today I logged into HSBC and sure enough, there's a new 5.21% rate for the same period, that would cost me £938.48/month, saving me £18/month. While not a game changer could easily cover some other monthly bill like phone/broadband etc.
So I call up HSBC the moment I have some free time from work today at 1:30 PM and I'm told that the rate switch application had gone through and there's nothing they can do.
There's no grace period or cooling off period. Nothing.
I pleaded that they can and are in a position to do something about it, especially given the time frame but customer support didn't budge.
This really feels very harsh. Normally any contract signed online should have some cooling off period but clearly not in this case.
Do I have any option? How do I proceed?
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