Mortgage Redemption Figure on completion Statement

agile83

Hi there, some advice would be appreciated.

I have had a completion statement sent to me by my conveyancer. I agree with all of the figures that are written down but one which has confused me is the one called "Mortgage Redemption".

The figure they have put is £75000. I spoke to my lender this afternoon and they advised me my balance is £71700. I am aware that I need to pay an ERC of 3% of the balance which would be around £2150 which would put the total at roughly £73850. Am i missing anything here which could explain the difference in figures?

The only thing i can think of is that they did their redemption figure calculations last month in which case I would have owed around £600 extra on my mortgage.

Hope any of you can advise on this. I will speak to my conveyancer tomorrow about this but was looking for some reassurance or guidance before I query things.

thanks

kingstreet

The redemption figure will be based on the amount due on a particular date, with a daily rate given for a redemption for a few days later and with an assumed final payment date.

Without knowing what's on the redemption statement the solicitor has from the lender, it's impossible to speculate.

What was the redemption figure on the back of your last annual mortgage statement? How does that compare?

agile83

Thanks for the response. I have since been emailed a scanned copy of the "schedule of total amounts to pay " from The Woolwich. The amount to pay is going up by roughly £8 per day however when it gets to 15th June when I am due to pay the mortgage it just goes up by £8 per day. Is this because the woolwich work things out by deducting the monthly payments at the end of the year? If this is the case then when I called them up for the current balance that would have been incorrect too but it wasnt.

Any advice on this would be appreciated or some reassurance that the figures are being worked out correctly.

kingstreet

What is the assumed final payment date?

15 May or 15 June? If it's 15 May, the £8 per day is correct as they are assuming you won't pay on 15 June.

agile83

I cant see anywhere on the document where it states the assumed final payment date but completion has been scheduled in forFriday 7th June, however I paid the mortgage on 15th May and this was not shown in the document I saw. On the document it did say that the figures had been pulled from the system on 14th May so I am hoping that the system didnt factor in or calculate the payment made in May.

I have asked the solicitor to request a new redemption figure - I have been keeping my mortgage spreadsheet that Locoblade produced up to date and it has always been accurate to within a couple of pounds as to what the mortgage balance is, therefore I do have confidence in the figures I have and as mentioned when I factor in the 3% ERC my figures are still less.

kingstreet

Best I can suggest is you ask Woolwich for a redemption statement for 7 June yourself, assuming the last payment is made on 15 May.

Yorkie1

Have you included the mortgage exit fee in your calculations?

G_M

Might the legal fees be included in thisfigure?

What about Land Registry fees to remove the Charge?

Just guessing..