Mortgage renewal, cancel for better rate

Hiya all,

just signed up to a new 2 year fixed and it’s £300 more a month than what we was paying, shopped about and this was the cheapest, had to swap quick so we didn’t go in SVR, anyhow I have noticed the rates are now slightly better, is it possible to cancel after a certain period (cooling off) or will I need to pay a redemption fee?

thanks all 🤓

Comments

  • housebuyer143
    housebuyer143 Posts: 3,169
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    edited 10 December 2023 at 10:04PM
    No, there is no cooling off period. You will likely need to pay ERCs if you want to leave 
  • amnblog
    amnblog Posts: 12,387
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    That depends on the Lender - have you asked them?

    Or if you used a Broker, have you asked them.
    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.
  • Zoe02
    Zoe02 Posts: 434
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    If the prouct has already started won't be able to change without ERC.

    If not started contact lender. 
  • ACG
    ACG Posts: 23,622
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    Zoe02 said:
    If the prouct has already started won't be able to change without ERC.

    If not started contact lender. 
    This. 
    If it has started, you wont be able to do anything. 
    If it is due to start on say 1st January, you MIGHT be able to switch, but it depends on the lender. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
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