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Redemption value vs balance
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strawb_shortcake
Posts: 3,418 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
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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
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