Help! I chose a new product on the last day of my fixed term!

Sam3007
Sam3007 Posts: 74
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edited 31 December 2023 at 9:25PM in Mortgages & endowments
Hi there,
I am remortaging with the same lender (Halifax). my LTD is 59.80.
My fixed term ends on 01/01/2024
A month ago, I chose a new product for two years at (%5.59). I was told that I can cancel and choose a new product anytime before the end of 2023.
I checked the Halifx website this afternoon and I was suprised to see that a new product was available at %4.99. I tried to call Halifax to swtich but the office was closed, so I logged in and I was able to choose the new %4.99 product online and accept the mortgage documents immediately but the offer says that the deal will be ready to start on 01/02/2024. The DD payment is set for the first day of each month:
my questions are:
1- What will I pay for Jan 2024? 
2- If the interest rate drops again in Jan 24, will I be able to cancel and choose a new product within the 28 days cooling off period without paying any fees or ERC?
3- The mortage offer I have accepted today says that I need to accept the documents by 30/12/24 but I accepted them today (31st ). Will it cause any problems?

Thanks for your help
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  • Sam3007
    Sam3007 Posts: 74
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    I checked the account today and it does not show the new 4.99 product I accepted yesterday. It shows the 5.59 product I accepted a month ago.
    can anyone help? Thax

  • Ayr_Rage
    Ayr_Rage Posts: 798
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    You'll just have to ask Halifax, they are the only ones that can answer your question, best of luck.
  • dunstonh
    dunstonh Posts: 115,606
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    Sam3007 said:
    I checked the account today and it does not show the new 4.99 product I accepted yesterday. It shows the 5.59 product I accepted a month ago.
    can anyone help? Thax

    I would be surprised if they accepted yesterdays one as being on time.   However, if their systems are that good, then fair game to them.



    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Hoenir
    Hoenir Posts: 1,101
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    edited 1 January at 3:39PM
    Sam3007 said:
    I checked the account today and it does not show the new 4.99 product I accepted yesterday. It shows the 5.59 product I accepted a month ago.

    They wouldn't be aware that the previous application has been cancelled. What did the documentation you received say ?  
  • Sam3007
    Sam3007 Posts: 74
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    Hoenir said:
    Sam3007 said:
    I checked the account today and it does not show the new 4.99 product I accepted yesterday. It shows the 5.59 product I accepted a month ago.

    They wouldn't be aware that the previous application has been cancelled. What did the documentation you received say ?  
    I received a confirmation emails that says:

    We're pleased to confirm your mortgage offer. Your mortgage changes will start on 01/02/2024. Please read your offer and make sure you're happy with the changes being made to your mortgage.



    Otherwise, there is nothing else for you to do. 


  • amnblog
    amnblog Posts: 12,378
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    Best that you give them a call, you have generated a bit of a mess for them here.

    Most likely you will be on 8.74% this month and then 4.99% from February.

    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.
  • Sam3007
    Sam3007 Posts: 74
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    amnblog said:
    Best that you give them a call, you have generated a bit of a mess for them here.

    Most likely you will be on 8.74% this month and then 4.99% from February.

    I did call them and you are right, the agent was confused and I was put on hold for more than 10 mins.
    They will check and get back to me.
    Do you know where I can check to see the exact date when Halifax made the new %4.99 rate available for customers? was it before 31/12/23?
  • kingstreet
    kingstreet Posts: 38,595
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    Sam3007 said:
    amnblog said:
    Best that you give them a call, you have generated a bit of a mess for them here.

    Most likely you will be on 8.74% this month and then 4.99% from February.

    I did call them and you are right, the agent was confused and I was put on hold for more than 10 mins.
    They will check and get back to me.
    Do you know where I can check to see the exact date when Halifax made the new %4.99 rate available for customers? was it before 31/12/23?
    No. Only you can see your PT options. They are not publicly available.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • Rich1880
    Rich1880 Posts: 4
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    Hi all on a similar theme - my new rate of 5.56% started on the 1/1/24 but I see they are now offering 4.90%. I am considering cancelling as have 28 days to do this. What I am unclear about is what rate I’ll be on for January if I do that now? Would it be 8.74% for the whole month or just the days from the point of cancellation? Halifax mortgage advisor was completely sure! 
  • Hoenir
    Hoenir Posts: 1,101
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    edited 4 January at 4:59PM
    Rich1880 said:
    Hi all on a similar theme - my new rate of 5.56% started on the 1/1/24 but I see they are now offering 4.90%. I am considering cancelling as have 28 days to do this. What I am unclear about is what rate I’ll be on for January if I do that now? Would it be 8.74% for the whole month or just the days from the point of cancellation? Halifax mortgage advisor was completely sure! 
    Be the new rate until you switch to another rate. Interest being calculated on a daily basis. 
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