Interest Payments Between Mortgage Switch!

Moneypit

Hi

Just switched mortgage and have a question concerning timing of event and interest. Have paid my now old lender my last payment at the start of October (1st). Mortgage settled by new lender ~19th October. First payment to new lender was supposed to be the 16th November but have decided to go for the 1st of November using standing order. The first payment involved an additional fee of £213 (part interest for october) on top of my fixed regular payment. I thought by moving payment from the 16th to the 1st of November would reduce the interest value, but apparently not. My logic tells me there is an overlap somewhere in payments, so should I phone my old provider and ask for a refund of a portion of my last payment to them or would that have been included in my final settlement figure from them. Confused ?

Moneypit

MortgagesInc

It all depends on when the solicitors asked for the redemption statement. You may well be due some money back from your old mortgage - a quick phone call should clarify

Moneypit

Thanks MortgageInc. Phoned the old lender and they have calculated £47 for the larger part but waiting on a value for the other smaller portion, but I thought the value taken (£213) would match the value refunded (£47 + smaller sum) unless as you say, it is only the period between the redemption value date and actual redemption? with the other portion being reduced from the final redemption value paid. Makes sense?