Remortgaging question

STAR_BUCK

Hi

I hope you experts out there can help me understand. I am currently in the process of remortgaging from Nationwide to Brittania. Myfixed rate at NAtionwide expires at the 31st Oct as does the brittania product that I have reserved with Brittania (this was the absolute last day which they could extend and reserve the product for me 3.99% fixed for 5 yrs). On the 1st Nov I should be on the new fixed rate deal with Brittania. I spoke to the solictor dealing with the remortgage and they said that they will be requesting the redemption statement from Nationwide 14 days before completion. The redemption statement is goign to include the ERC as the statement is based at that particular point in time iyswim.

In other people's experience do you have to pay this and then get it refunded back becuase in reality we will not be getting out of our fixed rate early? any help very gratefully received

Thrugelmir

If you redeem a day early then you'll incur the ERC.

You are free from the NW ERC on the 1st November.

GMS

STAR_BUCK wrote: »

Hi

I hope you experts out there can help me understand. I am currently in the process of remortgaging from Nationwide to Brittania. Myfixed rate at NAtionwide expires at the 31st Oct as does the brittania product that I have reserved with Brittania (this was the absolute last day which they could extend and reserve the product for me 3.99% fixed for 5 yrs). On the 1st Nov I should be on the new fixed rate deal with Brittania. I spoke to the solictor dealing with the remortgage and they said that they will be requesting the redemption statement from Nationwide 14 days before completion. The redemption statement is goign to include the ERC as the statement is based at that particular point in time iyswim.

In other people's experience do you have to pay this and then get it refunded back becuase in reality we will not be getting out of our fixed rate early? any help very gratefully received

Your solicitor should ask for a redemption statement for the day of completion. If they have one previous to this then they should ask for an updated one. In my experience Nationwide are very good with administration so even if it is requested the day befroe it should be fine.