Redemption Figure

ey_up

Hi all, I am approaching my first re-mortgage and would be grateful if those of you who have been through the process can offer any advice.

I have asked my existing mortgage provider for a redemption figure as of 1 December, being the day after my current fixed rate deal ends and no additional fees for repaying are due. This is so I know exactly how much I need to pay myself to leave the amount I want to refinance (with another lender based on current products on the market).

My existing mortgage provider has said that they cannot give me a redemption figure until after they have taken my final direct debit on 1 November. Granted this will give me four weeks to finalise but I find it ridiculous that, given I have a fixed rate, fixed monthly repayments and no fees would be due, they cannot confirm what my final balance will be.

Has anyone had similar response? Is this normal?

I will estimate the amount myself and apply for re-mortgage with whichever provider gives the best deal for me but why the silliness?

Cheers

Thrugelmir

Not their line of work to do your admin for you unfortunately.

You should be able to calculate the figure yourself, at least close enough for the purpose you require.

ey_up

I cant calculate the figure no problem but it would be nice to have confirmation directly. It is also recommended to ask in the re-mortgaging guide available from this website.

ACG

Its pretty common prctice.
You can get a fairly accurate figure using an amortiztion calculator.

amnblog

ey_up wrote: »

I will estimate the amount myself and apply for re-mortgage with whichever provider gives the best deal for me
Cheers

That's the way.


Your legal team on the re-mortgage gets an accurate redemption figure down the road when you have the new offer in place.