expected to complete on 5th but all direct debits due out before

morgan78_2

hiya

solicitor said we will exchange on Monday to complete on Friday, she said to not to contact anyone until we have exchanged, which I understand why.

all my direct debits come out on the 1st of the month, so was just checking about the mortgage payment don't really want to pay 2 lots in the same month

kingstreet

The redemption figure supplied to your solicitor will be based on your last mortgage payment being made on dd/mm/yyyy. Ask when. Your existing DDM may well have been best cancelled, had it not been left too long...

If it's the payment you made last month, you need to cancel your DDM as soon as you exchange to prevent any further payments being made.

However, you will be unable to do that, as the 1 July is now within a single working day. You will now pay next month's mortgage payment on Monday and this will have to be refunded to you by your current lender, taking around two weeks to be refunded.

Your payments to your new lender will begin around two weeks after completion in most cases.

mrsmchapman

I don't think if you cancelled it would work, it's to late. You'll just have to pay and recurve a refund.

As previously said your mortgage redemption figure should be minus the payments due however we completed on June 3rd, mortgage payment came out June 1st, a little over a week later we received a refund for the mortgage!