Re-mortgage help urgent

itsarichmansworld

Hi all

I've asked a few questions on this board and you've all been very helpful.

I am currently re-mortgaging and as of yesterday My solictor has the funds from new mortgage company the only delay is a secured loan we have with black horse intially we took a small loan from them but "topped" it up to get new windows. Yesterday My solictor called saying they had put 2 charges on my house when we signed the agreement the black horse man says it will cancel existing loan and put a new charge on the property we never were told it would be 2 charges. So has he mis-sold this? Not a major issue but we are just a bit annoyed about it.

Secondly as I said the money is transferring just now so will be a few days and everything will complete however my mortgage is due off tomorrow for old company is it wise to cancel the direct debit or let them take it then refund it?
or just cancel the DD

Sorry if this doesnt make sense!

silvercar

if the redemption figure allows for tomorrows DD then you leave it in place, If, as is more likely, it doesn't then ring your bank and cancel it. May be worth checking with your solicitor first - they are used to this sort of problem.

If the DD does come out, they will generally refund quickly.

Sounds like your black horse loan was taken in two stages, resulting in 2 charges. This shouldn't make any difference as they will both be for smaller amounts.

When you remortgage the second charge people have to be consulted (I can't recall the exact word for this). It sounds like the at the same time as giving their agreement for you to remortgage they will amalgamate the charge into one. I don't think this is an issue, unless you were not aware that the first loan was secured on your property?

AndrewSmith

Pay all due dd until the new mortgage completes.

I have heard before of a new mortgage company actually withdrawing it's offer and loading the interest rate due to the customer cancelling the existing direct debit prematurely thus resulting in an 'arrears' of one month prior to completion.

The amount paid to the existing lender by your solicitor will account for any payments made.

itsarichmansworld

Thanks guys that helps better safe than sorry if I get it back quite quickly I dont mind.