Mortgage Redemption Figure Doesn't Seem Right

hobbgoblin

Hello All

So my property is sold and the solicitors have received a redemption figure from Halifax. However it doesn't seem to match up based on the statement they sent me 31/03/2015. The redemption figure according to them is :

£144601.17 based on redemption 12/06/15

My statement dated 31/03/2015 was a redemption of:

£145047

A difference of:

£445.83

Since I had the statement and the date of redemption I have paid £1811.11 and been charged: £765.36 interest based on £10.63 a day as confirmed by Halifax.

To me unless I am missing something means the mortgage redemption figure from 31/03/2015 should have been reduced by £1045.75 not £445.83 as they have quoted.

When I phoned Halifax I got the best reply ever from someone extremely unhelpful. That's what the system says so it must be right.

Any advice or can anyone see where I'm going wrong? In terms of figures they are all on paper from Halifax so I haven't invented them. I have also included the early redemption fee in that figure for simplicity.

hcb42

I dont think statement figures are redemption figures.

dimbo61

Did you have an exit fee to redeem the mortgage ?
Ask your solicitor to check with the Halifax what charges they have added.

Senior_Paper_Monitor

I have checked many clients' redemption figures as they cry "I've been robbed" - never found that one that has (or been paid for the hour or so usually necessary to do so). Normal reasons fro difference: interest for the period between last payment and redemption, client allowing for (but lender not - they will refund) payments immediately before the redemption statement was made up or between that date and actual redemption, redemptions fees etc.

Thrugelmir

Did the redemption statement include your May payment to the lender?

Goldiegirl

Thrugelmir wrote: »

Did the redemption statement include your May payment to the lender?

That was my first thought.

If the OP pays their monthly payment late in the month, then the redemption statement may have been prepared before the payment was received.

Plus, there may be an exit fee in in the redemption figure

ACG

Ask halifax for a breakdown. If you are still not happy write a letter of complaint but I have never come across a wrong one either and I have done a few mortgages as a broker and when I worked for a lender.