Remortgage completion date after usual payment date

abunchofletters

I am remortgaging and have been given a completion date of May 2nd, with a set redemption figure.

However my current mortgage direct debit is taken on the 1st of the month so I am worried an extra, unnecessary payment will be made.

Should I cancel my direct debit now so the payment definitely won't be taken, or risk having to get a refund? I can imagine having to spend a long time on the phone or going to a branch to get it back!

If it matters, I have made several overpayments this year.

Thrugelmir

Does the redemption figure you have assume that the payment will be made on the 1st May?

kingstreet

The redemption figure will assume the last payment has already been made if the target completion date is that close to the next payment date.

Cancel the direct debit, otherwise it might take a couple of weeks for the money to be refunded to you.

Double check with solicitor handling transaction if you don't have a copy of the redemption statement with the last assumed payment data.

abunchofletters

The redemption figure is a few hundred pounds higher than my current balance, so I think we can assume that it only includes interest since the payment at the start of April and not a new one for May.