New mortgage deal and backing out before it begins
Discussion
We recently got a 4yr fixed deal and signed for it, and sent it off, got our receipt of new deal to begin on March 1st.
We have now decided, because the Building Society have a rather stringent rule on LTV due to my wife having not such a good credit rating (doesn't use CC or have a loan), that it's not the deal for us as we are stuck with a relatively large buy-out fee.
Do you get a 14 day cooling off period or anything?
I guess there is some FSA rule on this but our morgage advisor seems to be coming over a bit vague when I assume it's a clear cut yes/no issue.
We looked through the document we signed at it didn't mentioned it at all...
The branch manager is looking up about this, but surely it's just a straight yes or no. I'm just worried they are dragging their feet into the 1st March and we will be stuck!
Thanks
Dave
We have now decided, because the Building Society have a rather stringent rule on LTV due to my wife having not such a good credit rating (doesn't use CC or have a loan), that it's not the deal for us as we are stuck with a relatively large buy-out fee.
Do you get a 14 day cooling off period or anything?
I guess there is some FSA rule on this but our morgage advisor seems to be coming over a bit vague when I assume it's a clear cut yes/no issue.
We looked through the document we signed at it didn't mentioned it at all...
The branch manager is looking up about this, but surely it's just a straight yes or no. I'm just worried they are dragging their feet into the 1st March and we will be stuck!
Thanks
Dave
Mr Whippy said:
Just a shame my bank statement for current account is bouncing under/over the black/red boundary every month as I get paid 
Are you always within an agreed averdraft limit?If so they might not mind too much.
If you are exceeding your o/d limit then they will probably care quite a bit.
Now and again it bobs over.
I guess I see my accounts as a cumulative lump (all same bank) that is always nicely into the black, but I suppose others don't see it that way which is a problem
The top 20% of the lump is the bit that bobs up and down, with the underneath bit being relatively inaccessible buffer.
Just seems to have worked for me. For the last 10 years it's been up/down and all around £0 mark, but savings in the background have accumulated consistently (says to me I'm not doing something wrong, despite me actually doing something 'wrong')
If I got rid of the OD facility then I'd probably just do the same thing, hovering around 50% of my salary in the bank account, with the odd drop into the red. I just don't seem to like having more money than is necessary in a current account.
Weird, but true...
Dave
I guess I see my accounts as a cumulative lump (all same bank) that is always nicely into the black, but I suppose others don't see it that way which is a problem
The top 20% of the lump is the bit that bobs up and down, with the underneath bit being relatively inaccessible buffer.
Just seems to have worked for me. For the last 10 years it's been up/down and all around £0 mark, but savings in the background have accumulated consistently (says to me I'm not doing something wrong, despite me actually doing something 'wrong')
If I got rid of the OD facility then I'd probably just do the same thing, hovering around 50% of my salary in the bank account, with the odd drop into the red. I just don't seem to like having more money than is necessary in a current account.
Weird, but true...
Dave
Edited by Mr Whippy on Thursday 24th February 20:01
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