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Redemption of interest only mortgage
Kiwimover
Posts: 1 Newbie
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
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
0
Comments
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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.0 -
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.0
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