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Re-mortgage offer accepted, but no cooling off period offered?!

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  • Re-mortgage offer accepted, but no cooling off period offered?!

    Hey Beagles!

    We were due to re-mortgage last week and so phoned up to discuss options with out bank, Santander.

    We went through options and were offered a fixed rate of 2.69% for 2 years + 999 fee (added to mortgage) or a fixed rate of 2.99% (with no fee) for either 3 or 5 years.

    We decided to go for the 2.69 option as with a second child on the way in a few weeks and uncertainties around work with Covid-19, we thought the lower payments would be better for us in the short term.

    They sent through the offer details and said that we had up to 14 days to accept the offer. Our existing deal was due to end at midnight and so we accepted on the same day, and signed the form online.

    Half an hour later however, my wife and I discussed things further and decided that although there is short term uncertainty, the long term implication of Coronavirus could cause serious economic disruption and could cause rates to sky-rocket when we came to renew in 2 years time. So we then decided that the 5 year option would be a better option for us.

    I assumed that as with any contract or financial agreement, there would be a 14 day cooling-off period, but after phoning to speak with Santander, was told that as we had accepted the offer, there was nothing that could be done to change this.

    I tried to argue that surely there was a 14 day cooling off period for any large financial commitment, and was told that all they offer is 14 days to consider the offer, before accepting it. I also tried to argue that our existing deal wasn't due to end until midnight, and so surely nothing has been 'processed' yet that can't be undone, and was told that "Sorry, once you've accepted it, it's 'locked in to the system'.

    I then asked them to write to me, to clarify why there was no cooling off period, and why there was no way to change my mind once accepted, requesting reference to their specific terms / legalities around this. I received a very vague letter in the post this morning )see attached image), that doesn't clarify anything for me and just reiterates what they have said over the phone.

    Can this really be right? As far as I was aware, a 14 day cooling off period is offered on almost all contracts / financial commitments (particularly as we were still technically on our old deal at the time). You'd be offered a 14 day cooling off period on a mobile phone contact... a car... or any other bank loan.... Why would this not be offered on perhaps the biggest financial commitment one will make in their life, from a leading high-street bank?

    Is this worth taking further to the Ombudsman?

    Any advice / thoughts or assistance would be very much appreciated.
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