remortgage - best completion date

Luana

Hello. I have a Halifax mortgage tied to a fix rate until end of July. I'm remortgaging to Barclays - I've already received the mortgage offer which is valid until the end of August.

The Halifax ERC expiry date is 31 July and I usually make the Halifax mortgage payments on the 1st of each month.

Is it possible to complete on the Barclays mortgage on the 31st of July without paying ERC? Or it needs to be on or after 1 August? And if completion date is 1 August or a couple of days later, what happens to the direct debit that's due to come out 1st of August - to Halifax? Will Halifax still request the money?

ta

chelseablue

Same happened to me last week, changed from Halifax to Nationwide.

Completion happened on the 3rd April

Halifax payment was usually on the 1st of the month, but that was a Sunday and Monday the 2nd was a bank holiday.

Yes they did take the payment on 3rd April, but they've told me I'll get it back..............but can take up to 15 working days.

Also our fixed rate ended on 31st March so on the 3rd April they took the monthly payment on the svr rate, usually paid £720 but last week it was £1,008 so looking forward to getting it back

kingstreet

Earliest completion date 1 August.

Cancel DDM a week before the payment is due. If something prevents completion taking place on 1 August, consider calling Halifax and paying over the phone by card.

Your solicitor's redemption statement will assume your last payment was on 1 July and will give them a daily rate to add to the figure so they know what to repay on 2 or 3 August.

Yes, you will eventually get back any overpayment if you leave the DDM open, but why make one if you don't have to...