Mortgage Daily Interest - settlement figure.

siwatkins

My old monthly mortgage payment occurred on 25th of the month.

On 25th April, the closing balance was 160378.

I've just remortgaged to a different provider. The mortgage completed on 19 May.

Can anyone advise what what my settlement figure should have been based on my old rate of 3.99%?

I'm feeling like I've been fleeced somehow... (Settlement was £160900).

Thanks,
S

HHarry

Well I got to 160818 with a really quick and dirty calculation, so I don't think you've been fleeced.

There's 25 days interest to add between your last payment on the 25th and completion on the 19th. Plus any closing fee's.

ViolaLass

My provider charges £90 for moving to another provider. Maybe yours does too.

Thrugelmir

siwatkins wrote: »

I'm feeling like I've been fleeced somehow...

Why? You are paying accrued interest in arrears.

ViolaLass

Thrugelmir wrote: »

Why? You are paying accrued interest in arrears.

Come on Thrugelmir, it's not rocket science. The OP is clearly concerned that they may have been over-charged.

siwatkins

Thanks - I couldn't make it to 160900 - closest I could get to was just over 160800, which seems backed up my HHarry. The delta, may well be a final fee from the mortgage company as suggested, and hopefully will become clear if/when I get a final mortgage statement from BoI.

Thrugelmear. I agree with ViolaLass - it's not rocket science - it's more than I'd calculated.

Thanks all who'd helped

Simon

Thrugelmir

ViolaLass wrote: »

Come on Thrugelmir, it's not rocket science. The OP is clearly concerned that they may have been over-charged.

Then my understanding of the word "fleeced" is different to yours. As one would assume a gross overcharge had been made. The solicitors completion statement will lay out the precise calculation. As was said previously many people forget that there's a mortgage exit fee to pay as well. That needs to be taken into account. As you say, it's not rocket science.

siwatkins

no, the solicitors breakdown just identified settlement figure for the mortgage.

ViolaLass

Thrugelmir wrote: »

Then my understanding of the word "fleeced" is different to yours. As one would assume a gross overcharge had been made. The solicitors completion statement will lay out the precise calculation. As was said previously many people forget that there's a mortgage exit fee to pay as well. That needs to be taken into account. As you say, it's not rocket science.

One could get caught up in the precise meaning of the word 'fleeced' in the same way that one could get caught up in your unusual style of punctuation. I've noted it for a long time but chosen not to comment because it felt pernickety - and yet here you are, doing it to someone else. The OP's intention was clear with plenty of detail provided.