Mortgage Cooling off periods

10mm

Does anyone know if mortgages have cooling off periods?

Long story short, started our mortgage hunt back in October, got the cheapest rate which happened to be with our current provider HSBC, 60% LTV at 5.84% with no product fees, 2y initial term.

This came into action when our mortgage deal expired which was December 1st.  Ever since then, inflation has continued to shrink, and that rate is now at 4.89% and likely to drop again due to the recent inflation news.

I'm assuming the only way out of it is to pay the ERC of 1% on total pay off, which isn't worth it, since even if interest rates dropped into 3.49%, that'd be saving £2.9k over 24 months, a fair bit less than the ERC.

housebuyer143

There is no cooling off period for mortgages unfortunately.

ACG

You might have been able to switch it to a lower rate prior to it kicking in, but after it has completed you are tied in.

There is a cooling off period of sorts when you sign up for the product, I think it is 7 or 10 days. That just means you cant complete within that period unless you elect to waive it. 

But once you have completed, thats you tied in.