Mortgage Question

Ian78

Hi,

Looking for some advice as I cant get my head around it.

Recently changed mortgage provider whos monthly payment is usually taken on the 23rd of each month. (Bank or Ireland)

New mortgage company (Lloyds) said they completed on the 22nd July and are saying that there 1st payment is taken on the 1st August even though Bank of Ireland took there payment on the 23rd July.

Lloyds 1st payment is higher at £770 (interest from 18th July til 1st Aug) then £598 every month after.

Is this right?

I could understand if LLoyds were taking there 1st payment on the 1st September or that Bank of Ireland shouldn't have took the last payment and owe me...

Got the letter from Lloyds this morning but its dated the 19th July which is also a tad confusing..

Is this normal?

Annisele

If the new mortgage did complete on the 22nd of July, then the old provider shouldn't have taken a payment on the 23rd.

However, direct debits are usually put into the system a few days before they're taken - so the old provider might not have had time (or tried) to cancel it.

Your bank should be able to refund the payment the old provider took under the direct debit guarantee. (Unless you paid by standing order - in that case, it was your responsibility to cancel the payment and you'll have to get it back from old provider).