Will I have to pay mortgage as usual?

MRS.B_7-2

Hi this is my first post so please be kind!

We are due to complete on our house sale on weds 22nd Aug (and will then go into short term rental before buying our next house) and our mortgage payment (west brom) usually comes out on 29th of the month.

Will I still have to make this payment? or have i already paid for the month of august and so they will owe me a week?

I hope this makes sense

Thanks in advance

GMS

Your solicitor will request a redemption figure from the lender up to 22nd August. The mortgage will close on this date assuming it all goes through. No need to make the payment on the 29th.

MRS.B_7-2

Thank you for such a quick response - Thats the answer I was hoping for as we have to pay 2 months worth of rent on the day we complete, and it would have made things really tight if we had to pay the mortgage too!

Thrugelmir

You may find that the direct debit will go through on the 29th. As there's insufficient time to cancel it. Your lender will refund the amount to you promptly though.

MRS.B_7-2

Do you think its worth ringing the mortgage company and my bank on day of completion to cancel the direct debit? or is a week not long enough to get it cancelled?

Thrugelmir

MRS.B wrote: »

Do you think its worth ringing the mortgage company and my bank on day of completion to cancel the direct debit? or is a week not long enough to get it cancelled?

Direct debits are submitted for processing around 10 days prior to the date they are taken.

If completion goes through as planned. Request your bank to put a stop on the direct debit.

getmore4less

if you have no equity in your house how are you going to buy if you have no money?

if you have equity that will turn up as cash after completion.

MRS.B_7-2

getmore4less wrote: »

if you have no equity in your house how are you going to buy if you have no money?

if you have equity that will turn up as cash after completion.

We have 40k in several savings accounts - but i was reffering to our day to day money in the current account being tight- didn't want to have to start shifting funds around if i didn't have to.... or get my head round which savings account i would move it from if i did have to pay out!