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Please answer Post office mortgage Qs for a thicko!
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u02ai
Posts: 5 Forumite
Hi, I am about to complete the 5year fixed remortgage at 4.15% with post office and have a few (stupid) queries
1) I was informed by my solicitor that the amount the Post office was releasing was £599 under the redemtion amount for my current mortgage. I asked to pay all fees up front and not have them added to my mortgage (product fee was 599). It seems as if they have deducted the fee from the loan amount and I will still in effect pay it towards covering the redemption amount- is this how it is normally done?
2) this is my first remortgage and I am unsure how switching the payments works. I currently pay my mortgage on the 1st of the month and am due to change provider on the 1st june. My solicitor has advised me to leave the direct debit to the current mortgage provider in case there is any snag. Does this mean that i will have 2 mortgage payments in the first month or is the remortgage usually payed a month in arrears?
I am a bit muddled! would be great if anyone with any past experience could help
thanks
1) I was informed by my solicitor that the amount the Post office was releasing was £599 under the redemtion amount for my current mortgage. I asked to pay all fees up front and not have them added to my mortgage (product fee was 599). It seems as if they have deducted the fee from the loan amount and I will still in effect pay it towards covering the redemption amount- is this how it is normally done?
2) this is my first remortgage and I am unsure how switching the payments works. I currently pay my mortgage on the 1st of the month and am due to change provider on the 1st june. My solicitor has advised me to leave the direct debit to the current mortgage provider in case there is any snag. Does this mean that i will have 2 mortgage payments in the first month or is the remortgage usually payed a month in arrears?
I am a bit muddled! would be great if anyone with any past experience could help
thanks
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