Remortgage Redemption statement can they charge that?

KittyBandit

Hey!

I am due to complete on a remortgage and Im moving away from i can call the worst bank i have ever had dealings with!

Now I am due to complete on the 8th but the redemption statement does not make sense. Firstly they have not included a payment that happened last week, so im out of pocket on that.. they have told me i need to pay for another redemption statement.. Pfft...

Secondly as the redemtpion statement is valid until the end of june they are charging interest on the redemption statement until the end of june despite me completing on the 8th of June!

Can they do that when as of the 8th of june i have no debt with them, should they pro rata and refund. Ive got someone ringing me after i refused to take the "we can do this you cant do anything about it" from the call centre operative...

kingstreet

The redemption statement has been ordered too close to the last payment, so it hasn't been taken into account. A statement should be ordered for the day or two before completion is due, so it's as accurate and as up to date as possible.

If the last payment hasn't been taken into account, it would be refunded.

Normally, a redemption figure is based on the balance and any accrued interest upto the specified completion date with a daily rate to cover a delay of upto a few days. After that, it would have to be reissued.

Can't answer what you're saying about interest to month-end, sorry.

KittyBandit

apparently i signed the t&cs stating that i agreed with this...
"
If you redeem yourMortgage, interest payable shall be calculated to the last day of the month inwhich redemption takes place regardless of the actual date of repayment.
"

surely this is wrong... they must be charging people 1000's for mortgages they dont have with them..

Im going to challege this.. :mad:

libf

Redeem at the end of the month instead?

KittyBandit

yeah im thinking that, but its part of a transfer of equity from a REALLY messy divorce and I kinda just want it all done and dusted.. and to be freee!oh and i have 56 days from the date of the court order too..

Thrugelmir

KittyBandit wrote: »

apparently i signed the t&cs stating that i agreed with this...
"
If you redeem yourMortgage, interest payable shall be calculated to the last day of the month inwhich redemption takes place regardless of the actual date of repayment.
"

surely this is wrong... they must be charging people 1000's for mortgages they dont have with them..

Im going to challege this.. :mad:

Rather late in the day as it's you signed the contract that was offered.

TrickyDicky101

Thrugelmir wrote: »

Rather late in the day as it's you signed the contract that was offered.

I disagree. I think that is pretty shameful practice by the lender and whilst it may have been in the t&cs it doesn't make it right.

I would complain to the lender and make it clear you want a deadlock letter from them if they fail to uphold your complaint because you will take it to the FOS. FOS may well reject your complaint but it will (most probably) cost the lender money to be taken to the FOS so could well result in an ex-gratia payment equivalent to the interest to avoid this happening.