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Why do we owe so much more after changing lenders?
Comments
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kingstreet wrote: »What does the completion statement from the solicitor say?
That is the most reliable means of working out what has come in from the new lender and what has gone out to the old one.
Then, the balance is simply the amount in, plus any added fees.
OK, have been able to look at this now (it was online, not in a letter, so i had to dig out some login details) and it does seem like my credit report showed a lower amount to the actual figure. No idea why that should be, but it does seem that the extra is entirely accounted for by the arrangement and admin fees. So panic over!0 -
The online balance may well be different. As interest is charged and added to the account, monthly in arrears. So for example, the payment you make on the 1st October will cover the interest charged for the period 1st to 30th September. The interest being added to the mortgage account on the 30th September.0
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