Mortgage Calculation

harryorange

My husband and I have just switched mortgage providers and our old company have refunded us a full months money but we think they have calculated it wrong and we still owe them part of the month. I phoned them yesterday and they said the account was now closed and that we should have received the refund. When asked if everything was sorted and we didnt owe anything they said it was all sorted. I have noticed that the DD has been cancelled on our account so they would have to write to us requesting any money but how long do they have to come back if they have calculated it incorrectly?

kingstreet

The redemption figure supplied to your solicitor will assume the last payment is made on a certain date and the amount payable will include interest up to that date.

If the lender has refunded your last payment it is because the redemption figure was higher as it assumed you would make no more payments.

If your mortgage was paid in advance (which it was if it was a building society or former building society) you'd already paid for the month before, at the beginning of that month.

Chances are the redemption figure was correct. If they want any more money, let them ask for it.