Re-mortgage and Redemption figures

cbrpaul

Is it normal practise for a BS to give out a final redemption figure, and not include a mortgage payment that’s paid by DD before the final redemption date?

Basically I have been told my normal end of month payment has not been included into the final redemption figure, that’s due to complete the next day, and I have been warned not cancel my direct debit the current mortgage provider, who will instead refund that months mortgage payment back to me, within 7 to 10 days.

It’s a significant amount of money, and seems a strange way of doing things.

Thrugelmir

cbrpaul wrote: »

Is it normal practise for a BS to give out a final redemption figure, and not include a mortgage payment that’s paid by DD before the final redemption date?

Yes, as there's no guarantee that the money will be paid. So standard practice to adjust for any over payments once final completion of the mortgage is made.