Interest question / stressed!

waterbaby

I make monthly payments on a repayment mortgage. If the payment was taken on the first of the month, what days would the interest cover? ie as a payment was taken today, does this include the interest that will be charged each day in August, or is it what was charged in July?

The reason for my question is that today is the first day on the SVR after the 'deal' ran out, and today's payment is £65 higher than last months. I am wondering will I get any of it back if I switch elsewhere within the month.

I am doing it through a broker, well to be honest I will be doing it myself next time. Since I signed the forms, there is definite drop in attention (ie, none whatsoever) and I am having to push them along with phone calls that are not being returned. Very stressed that I am paying more as a result -especially as the deal is publicly available anyway. But that's a lesson learnt. What's that saying - if you want something doing, do it yourself. next time I certainly will.

I'm sure that some are very good, I hope I don't offend anyone. I'm just feeling annoyed and let down tonight.

How long does it take after the valuer has been round til the mortgage actually switches?

PoorDave

waterbaby wrote:

I make monthly payments on a repayment mortgage. If the payment was taken on the first of the month, what days would the interest cover? ie as a payment was taken today, does this include the interest that will be charged each day in August, or is it what was charged in July?

The reason for my question is that today is the first day on the SVR after the 'deal' ran out, and today's payment is £65 higher than last months. I am wondering will I get any of it back if I switch elsewhere within the month.

I am doing it through a broker, well to be honest I will be doing it myself next time. Since I signed the forms, there is definite drop in attention (ie, none whatsoever) and I am having to push them along with phone calls that are not being returned. Very stressed that I am paying more as a result -especially as the deal is publicly available anyway. But that's a lesson learnt. What's that saying - if you want something doing, do it yourself. next time I certainly will.

I'm sure that some are very good, I hope I don't offend anyone. I'm just feeling annoyed and let down tonight.

How long does it take after the valuer has been round til the mortgage actually switches?

Any delay could be the lender, not the broker. Do it yourself and you'd be in the same position

waterbaby

Thanks. Sometimes emotion clouds my judgement I know. I've been waiting over three weeks to hear from the valuer so I think it is the lenders fault.

Perhaps I had the idea of a broker wrong. Perhaps they are just about identifying good mortgages, and I should be chasing the lender myself. But the broker wouldn't give me the phone number.

To be honest I can see now that what has wound me up is not really the delay (though I do think the delay is poor), but the fact that they no longer seem to care about me now that the deal is done.

Anyway I will be patient, you can't have everything your own way can you.

AndrewSmith

The broker should be chasing the lender for you, but also should be keepong you updated.

Even if there is no news.

MortgageMamma

Sounds like your broker is a bit of a lazy git. Give him a kick up his lazy !!!!!! and tell him if he doesn't sort this out for you, you will pull the deal and submit direct to a lender on principle.

Who is the lender by the way, some are slower than others at the moment. Also who are your brokerage company?

waterbaby

I could tell him that if he returned my calls

I don't think I can pull out now, I've signed all the documents. And to be honest, the company was recommended to me by someone who I find to be very good (not a broker) so I don't want to rock the boat.

I'll pm you the details if that's ok, I know this sounds a bit wet but you never know who's reading and now that I've thrown my tantrum, I wonder if I over-reacted.

MortgageMamma

Hey, you are talking to the Queen of tantrums, you should ask my fella who is just getting over being very hacked off with me

Yeah PM it along, I don't mind taking a quick look. That'll be £500 though. and then I'm going to ignore you

Joke

waterbaby

Well I spoke to the lender direct and they only received the documentation last week - I sent it to the broker well over three weeks ago. What's worse, when they sent it through they didn't certify it correctly, so it had to go back again.

Now I am clear who is in the wrong, and I will be chasing them to refund me the extra interest paid in view of their poor service.