We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Re Mortage new lender - payments
whambar
Posts: 39 Forumite
Hello, I am hoping some will know the answer from experience
I have changed mortage provider and on 4th July my mortage changes from Santander to First Direct - FD said I make first payment on 4th August . At present I pay Santander on 5th each month so June 5th was my last payment I believe
Enact said everything is in order and they will get final redemption very close to draw down date as redemption figures from Santander are only valid for 7 days - I did nightlight my fixed rate product and therefor ERC ends on 3rd hence 4th being completion date
First Direct will settle my current mortage based upon the redemption figure from current lender and this will happen the day before my normal scheduled payment to Santander - just in case I will not cancel my DD with Santander so I am expecting that I will have a DD payment leave my current account on the 5th July to Santander, as it is so close to redemption date it will process, but my mortage would already have been redeemed
Would I be right in assuming that any payment made after redemption is technically and over payment and this will get returned to me automatically within a few weeks by Santander ??
I have changed mortage provider and on 4th July my mortage changes from Santander to First Direct - FD said I make first payment on 4th August . At present I pay Santander on 5th each month so June 5th was my last payment I believe
Enact said everything is in order and they will get final redemption very close to draw down date as redemption figures from Santander are only valid for 7 days - I did nightlight my fixed rate product and therefor ERC ends on 3rd hence 4th being completion date
First Direct will settle my current mortage based upon the redemption figure from current lender and this will happen the day before my normal scheduled payment to Santander - just in case I will not cancel my DD with Santander so I am expecting that I will have a DD payment leave my current account on the 5th July to Santander, as it is so close to redemption date it will process, but my mortage would already have been redeemed
Would I be right in assuming that any payment made after redemption is technically and over payment and this will get returned to me automatically within a few weeks by Santander ??
0
Comments
-
Any overpaid monies will be refunded to you.0
-
Thrugelmir wrote: »Any overpaid monies will be refunded to you.
Perfect , thank you0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards