Re-mortgage Completion Statement figures

jmsa7

Hello,

I have recently re-mortgaged my property with Platform from Santander. I have used a broker and the solicitor was appointed by Platform. A broker and then an admin fee was paid.

Completion was arranged for the 4th April 2016 which was the last day of Santander's 2-year deal so to avoid Early Repayment Charges.

Completion Statement was sent to me on 4th April 2016 early in the morning and to my surprise I was required to pay £55.14 to complete:
==================================
Net Mortgage Advance - Including Cashback of £250.00 £197235.00

Total Fees & Disbursements £39.00

Redemption of Mortgage Accounts Santander UK PLC £197251.14

£197235.00 - £39.00 - £197251.14 = £-55.14
==================================

Although I was expecting a surplus, I paid the outstanding balance straight away to avoid any delays and completion took place on the 4th April 2016. Solicitor then told me to cancel Direct debit with Santander.

However few days after, I received a letter from Santander stating that Mortgage Capital balance as of 4th April 2016 is £196,108.47 which differs greatly from the figure in the Completion Statement.

I have also received a welcome letter from Platform which says that the Mortgage outstanding Balance is £197,999.00 (confirmed after calling) which also differs from the figure in the Completion Statement.

Am I wrong to have expected a surplus of £1,626.53 ? (£197,999.00 - £39.00 - £225.00 [Santander exit fee] - £196,108.47).

Am I entitled to a breakdown of the figures shown on the completion Statement?

Any thoughts would be much appreciated.

Regards,

jmsa7

pjread

Ask Santander or wait for redemption statement - but the difference looks suspiciously close to a 1% ERC. Are you sure you didn't redeem 1 day early...? :-/

Thrugelmir

jmsa7 wrote: »

Completion was arranged for the 4th April 2016 which was the last day of Santander's 2-year deal so to avoid Early Repayment Charges.

Redemption should have been set for the day after. The last day is still in the fixed term period.

jmsa7

Completion was on the day after the end of the term so definitely no ERC. I called Santander and it looks like I will get a refund from their part.

However I'm still trying to understand how the £197,235.00 figure was calculated. According to the solicitor:

£197,235.00 = £197,999.00 - £999.00 + £235.00

Where

£197,999.00 is the outstanding balance.
£999.00 is the arrangement fee which was included in the mortgage of £197,000.00
£235 is the cashback.

Do the maths make sense? At the end of the day I own them £197,999.00, not £197,235.00.

Cheers.