We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Redemption value vs balance
Options

strawb_shortcake
Posts: 3,413 Forumite

Hi,
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.
Tia
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.
Tia
Make £2023 in 2023 (#36) £3479.30/£2023
Make £2024 in 2024...
Make £2024 in 2024...
0
Comments
-
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards