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Redemption Statement from lender we are leaving - comments please!
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Addiscomber
Posts: 1,010 Forumite
We have been sent a copy of the redemption statement of what our current lender is asking for at completion of our remortgage this week.
If we deduct the amount that they are saying will be due as interest, and the repayment fee, the balance is about £300 lower than the balance as at the end of December 2006, as shown in our recent annual statement. As we have an interest only mortgage, and have not made any capital repayments this year, surely this should not be so? Their statement does take account of our last interest payment on 5th February, although that should not affect the capital. Do we keep quiet? Could they come back for the difference later if they have made a mistake?
Also regarding the Repayment fee, they are asking for the current fee and not whatever it was when we remortgaged to them in the early 1990s. I was going to challenge this once the remortgage has taken place as we want that to go ahead smoothly. Now I am wondering if we should leave well alone as the difference will be considerably less than the £300 referred to in the paragraph above.
Any one who knows more than we do about these things care to advise, please?
If we deduct the amount that they are saying will be due as interest, and the repayment fee, the balance is about £300 lower than the balance as at the end of December 2006, as shown in our recent annual statement. As we have an interest only mortgage, and have not made any capital repayments this year, surely this should not be so? Their statement does take account of our last interest payment on 5th February, although that should not affect the capital. Do we keep quiet? Could they come back for the difference later if they have made a mistake?
Also regarding the Repayment fee, they are asking for the current fee and not whatever it was when we remortgaged to them in the early 1990s. I was going to challenge this once the remortgage has taken place as we want that to go ahead smoothly. Now I am wondering if we should leave well alone as the difference will be considerably less than the £300 referred to in the paragraph above.
Any one who knows more than we do about these things care to advise, please?
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Comments
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Addiscomber wrote:Any one who knows more than we do about these things care to advise, please?
Not saying that I fall into the above category, but, personally I would accept the proposal, wait till it has all gone through and then claim back the overpayment of MEAF.
It may not sound morally correct, but if they have made a clerical error in your favour and do not spot it, why should you worry? After all, you are not a financial whizz-kid, just someone who is acting on they're accountants to get it right.0 -
Could it be that as the statement is for this week and you have paid the interest for the whole of February, this is reducing your capital a little?0
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I'm sure that jennifernil is right - the reason your balance is lower is that you will have made your February payment before redeeming mid-month.0
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