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    • annabanana82
    • By annabanana82 8th Jan 18, 1:49 PM
    • 9Posts
    • 1Thanks
    Redemption value vs balance
    • #1
    • 8th Jan 18, 1:49 PM
    Redemption value vs balance 8th Jan 18 at 1:49 PM

    My remortgage is due to complete today, this is the first time we've done this so I am not all that familiar with the process. My query is if I log on to my mortgage account the balance shows £101462 but the redemption figure is £102056. Why is there such a big difference? My repayments on the soon to be finished mortgage were £396.50 with a 2.34% interest rate and we would have moved over to a higher rate of 4.88% with a repayment of £485.51. We've been told that our daily interest payment is £11.09.
    When I calculated the difference with the redemption statement it looked to be interest plus one month payment at the previous rate, could it be that they simply haven't taken off my last payment paid on the 2nd? The mortgage is with Natwest.

Page 1
    • Thrugelmir
    • By Thrugelmir 8th Jan 18, 7:38 PM
    • 57,891 Posts
    • 51,262 Thanks
    • #2
    • 8th Jan 18, 7:38 PM
    • #2
    • 8th Jan 18, 7:38 PM
    When was the redemption figure provided to the solicitor? That's the question. To avoid a shortfall the recent payment may have been ignored, as was still possible for the dd to have been rejected.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
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