We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Redemption of interest only mortgage

We have finally completed on the sale of our house, months later than hoped, anyway due to delays on the buyers side for the date of completion, we completed 4 days after making a mortgage payment. What am wondering and what halifax don't seem to be able to tell me with any conviction is whether we will be refunded any of that payment. It's an interest only mortgage.
Our assumption is that our payment is interest in advance, and therefore as we have effectively only borrowed the money for 4 days this month we should be refunded something back.
Does anyone know if this is how it works- I probably should know really, but I don't and halifax can't seem to give me a straight answer.

Thanks

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Interest is normally calculated and paid in arrears.

    Your solicitor will tie up any loose ends and issue you with a completion statement which will explain the final workings.
  • kingstreet
    kingstreet Posts: 39,444 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What was the assumed last payment date on your solicitor's redemption statement?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.2K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.3K Spending & Discounts
  • 247.1K Work, Benefits & Business
  • 603.8K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.