Remortgage - when to cancel old direct debit

pinkteapot

Solicitor has said that our remortgage from Santander to HSBC has completed today. I called Santander and they don't have completion funds yet and said it can take until close of business for them to see them.

Our standard monthly repayment to Santander would normally go out on Monday (29th).

Santander say we shouldn't cancel the DD until they have the funds, but if I don't cancel it until tomorrow then I think the payment on Monday may still go out, as our bank says something about direct debits taking a working day to cancel.

I don't want to pay Santander £1k unnecessarily on Monday then have the faff of trying to get it back. Equally I don't want a "missed" mortgage payment on our credit histories!

ACG

If you have the money I would say leave it to go through and ask for it to be returned.

It could be a longer argument asking them to remove the late payment if they do not receive the money in time...

pinkteapot

Thanks. I'm going to try calling Santander again later in the day, close to 5pm, and see if they can see the funds at their end yet. If they can't, I'll ask again what I should do and see if that call centre person has any different advice.

Solicitor said they would do completion close to our repayment date, in order to minimise the time we're paying interest to two lenders. I realised afterwards that this statement was surely nonsense, as we'll pay Santander interest up to today, and HSBC interest from today. When in the month that happens relative to our normal repayment is irrelevant, surely?

If we ever remortgage again, I'll make the completion date a week or so after our normal repayment, so we have a couple of weeks to check that completion is all OK before cancelling the DD.