Mortgage Payments

nmiah786

I completed on my flat sale on Tuesday and today I recieved all the completion statement from my solicitor. I was checking the redemption statement from the lender and was wondering if someone could help me out here.

The mortgage payments use to go out on the 16th of the month, this was in advance. The last payment that they received was on 16th May 2006. So effectively I have paid them from 16th May 2006 to 15th June 2006. I completed on 2nd June. So here is my question, should the lenders not refund me the excess money I have paid for the period 2nd June 2006 to 15th June 2006.

Am I right in thinking that? Please correct me if I am wrong!

payless

should be accounted for automatically in the redemption figure ( its worked out to teh day ... unless you are with a lender that charges interest to month end)

Make sure the redemption figure used by the solicitor included payments to that date ( you might have to wait for final statement to be sure ---- the sols often request them a week or 2 earlier).. if its (your last paymnent) not be accounted for in the redmeption statement obtained you should get it back automatically

nmiah786

THis is what the Mortgage Redemption Statement says;

Loan Amount 132386.05
17/10/2005 Payments 476.98
16/11/2005 Payments 478.8
16/12/2005 Payments 478.8
16/01/2006 Payments 478.8
16/02/2006 Payments 727.09
16/03/2006 Payments 727.09
18/04/2006 Payments 727.09
16/05/2006 Payments 727.09
06/06/06 Interests Due 5195.56
final repayment charge 275
Total Amount due 133033.87

Does that make sense.

Also the date on my initial post is incorrect; should say completed on 6th rather then 2nd.

What I dont get is how they calculate the Interest due.

Thanks in advance:D