Re-mortgage -should I make my monthly payment

AFCChris

My re-mortgage to another lender is due to go through on time on the 2nd October. The company doing the legal stuff has the completion statement and the figures are valid up to 5th October, including all payments made up to and including August.

I am supposed to make my September monthly payment on the 24th September and I am wondering whether I should make this payment if the re-mortgage is going through. I guess that if I make the payment then they will take some money off the balance to transfer to my new lender but I wonder how much of my £1170 will come off the balance. If the whole amount doesn't come off the balance then I'm wondering whether I will be better off financially by not paying the September payment.

I hope you see what I mean but if you do then I would appreciate any guidance on this.

Regards

Chris

MarkyMarkD

Your existing lender requires a September payment and you should therefore make it.

Your solicitor should get an updated redemption statement after 24 September and then settle the correct amount.

Your new lender will advance the amount you've asked for, irrespective of the balance due to the old lender and irrespective of what your solicitor tells them.

AFCChris

Thanks for your response.

I am thinking that I need to make the payment as I suppose the non-payment might go on my credit record, but do you think that the balance for going over to my new lender will show as the current redemption figure minus most of the £1170 on the re-calculated statement?

I am wondering whether the September payment is going to be dead money whereas if I keep the money and don't make the payment at least I know I have £1170, and even if they adjust the balance to take into account the missed payment I will still be quids in.

Chris