Switching mortgages payment question

anfieldred

Hello

I'm remortgaging from Halifax to Kensington, however the solicitors have the forms etc back but said they're not completing until the 1st week of August.

My Halifax payments normally go out on the 1st of each month, but if it's not switching till mid month, will I have to pay Halifax on the 1st August, then a payment to Kensington within the same month?

Ive asked my broker on this but it's not clear given their response - I've gone back to them twice and still not sure. They've said Kensington have to contact me within 10 days to say when the first payment will be, and it's likely to be the end of the month, however I don't get paid till the last working day of the month, so wondering am I going to have to make 2 payments from the one wage?

Thanks
AR

getmore4less

the simple solution to the mortgage overlap is to have at least 2x the payment available to cover cash flow during the change.

if finances are too tight to have that available then borrow a bit more on the new mortgage and overpay any left over once the new payment cycle has settled

anfieldred

Thanks for the reply - I'm not in a position to pay two payments (which is the reason for remortgaging). I'm borrowing on the new one to clear debts, but my fixed term ends on 31st July

getmore4less

The redemption figure is always a guess because the exact timing is potentially going to be different.

good idea to add a little extra if cash flow is very tight.

The broker should have gone over this with you.

anfieldred

getmore4less wrote: »

The redemption figure is always a guess because the exact timing is potentially going to be different.

good idea to add a little extra if cash flow is very tight.

The broker should have gone over this with you.

My broker's assistant doesn't seem to know - I phoned the solicitors & new lenders today - solicitors said i'd have to make the payment to current lender, then get a refund. New lender said its 16 working days from completion date