Re-mortgage Completion Statement

jmsa7

Hello all,

I have recently re-mortgaged my property with Platform from Santander.

Completion Statement looks like below:

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Net Mortgage Advance - Including Cashback of £250.00: £197,235.00

Total Fees & Disbursements £39.00

Redemption of Mortgage Accounts Santander UK PLC: £197,251.14
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I had to pay £55.14 to complete.

Basically, I applied for a mortgage of £197,000.00 which came with an arrangement fee of £999.00 that was included in the mortgage.

A welcome letter from Platform confirmed the outstanding balance of £197,999.00 which differs from the £197,235.00 figure showing in the Completion Statement.

The solicitor explained that the £197,235.00 figure was calculated in the following manner:

£197,235.00 = £197,999.00 - £999.00 + £235.00(for some reason they took £15 off the £250 cashback).

Does does make any sense to any of you reading this?
Shouldn't have the all £197,999.00 PLUS Cashback figure be in the Completion statement instead of £197,235.00?

Any thoughts would be welcome. Thank you.

Regards,

Jay.

kingstreet

No.

The fee is added to the loan by the lender but is not paid on to the solicitor, so the advance is £197,000.

The cashback is on top of the advance, so that is paid on to the solicitor so it should be £197,250. The £15 deducted is probably the telegraphic transfer fee for sending the advance to your solicitor.