remortgage - Copy of redemption statement

golden_girl

Hi

I am remortgaging from Halifax to Nationwide. My mortgage broker took the figures off my statement dated 30.09.06. My new mortgage figure is based on a loan of £90045, the amount currently outstanding, less the early repayment charge. The fixed deal ends 31.12.06.
Added onto this figure is admin fee £1598.00.The amount on my mortgage offer from nationwide is £91643.00

My redemption statement as at 30.09.06 shows:
Redemption Details:
Amount owing as at 30.09.06: 89,868.88
Repayment Adminstration Fee: 175.00
Early Repayment Charge: 922.50
Total Amount to Repay: 90,966.38.

On the remortgage questionaire there was a question asking if there was any early redemptoin figures which I did complete as yes and the date 31.12.06. I also stated the new mortgage is not to start until 1.01.07

I am so confused with a letter I have received from the law firm dealing with the remortgage. They have attached a copy of a redemption statement from Halifax showing amounts owing as at 31.12.06.
My redemption statement as at 31.12.06 shows:

Redemption Details:
Amount owing as at 31.12.06: 90,024.78
Repayment Adminstration Fee: 175.00
Deeds Despatch Fee 0.00
Early Repayment Charge: 922.50(They have highlighted this figure)
Total Amount to Repay: 91,122.28

On the letter they are asking about the accuracy and if they don't hear from me they will proceed using this figure and that the statement does inlcude an early redemption penalty.

What should the amount be???

Is it 91,122.28 less 922.50= 90,199.78 plus admin fee of £1598.00 total 91797.78. This would mean a shortfall of £154.78.??


Can anyone help please???

Xbigman

OK. You're saying that your current deal ends soon and there should be no early repayment charge, but the redemption statement issued has a repayment charge on it.

Phone your solicitors and point out there should be no repayment penalty as long as you don't complete the remortgage until the first day after the current deal ends. They will tell you how it works in practice.
Regards



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