Remortgage timing of redemption question
Remortgage timing of redemption question
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Gio G

Original Poster:

2,995 posts

239 months

Tuesday 1st April 2014
quotequote all
Going through a remortgage, to take advantage of some new rates available from a new lender. Question I have is around timing of mortgage redemption and payments.

I have made a payment to my current lender today, happens 1st of every month and completing on my new mortgage possibly this Friday. However the current lenders redemption does not include my payment today, as it sees it as an uncleared item, which is fair enough.

Question is could my solicitor knock that amount off as part of the payment true up, or do I just need to suck it up and get the over-payment from my old lender, after they close the account, who knows how long that will take!

Thanks G

Sarnie

8,375 posts

239 months

Tuesday 1st April 2014
quotequote all
Ask your solicitor to get a revised redemption statement on Thursday or Friday...

Gio G

Original Poster:

2,995 posts

239 months

Tuesday 1st April 2014
quotequote all
Sarnie said:
Ask your solicitor to get a revised redemption statement on Thursday or Friday...
Thanks for the swift reply. Apparently it takes the lender 10 working days to clear the amount!! So Thursday/Friday the figure will be the same.. Probably just bad timing..