Redemption statement

Stiglet

Good evening,
I'm having a bit of trouble understanding our mortgage redemption statement. When we went to our solicitor's to sign the paperwork the statement seemed wrong. We are porting our mortgage to our new home. We are with NatWest and have already been told and it's on their website they won't charge us early repayment charges. We pay £485 p/m and £100 overpayment. Outstanding is £69,8??:?? But the statement said about £74k I don't know why there would be such a big difference. Any ideas?

Locornwall

I’m not a broker etc. But. Do you have an early repayment charge? Shouldn’t be though as you’re porting.

davidmcn

We can't see your statement from here...did it include the early repayment charge which you won't actually be paying? Have you spoken to the bank about it?

Stiglet

We were told there wouldn't be an erc. I wonder if it had been added on by mistake? I will bring it up with the solicitor. Thank you

[Deleted User]

Stiglet wrote: »

We were told there wouldn't be an erc. I wonder if it had been added on by mistake? I will bring it up with the solicitor. Thank you

Most of the time the redemption statements include the ERC and its up to the solicitor to work out if you need to pay it. The mortgage offer will state if you are porting and then they contact the lender for the new statement

kingstreet

There is no link between your new mortgage account and your old one, so NatWest doesn't know you are porting until your solicitor tells them and a link is then added which matches the end of your old account with the beginning of the new one.

The solicitor is then instructed to deduct the ERC from the redemption figure.

Had this exact same thing happen last week and as you can guess, the solicitor came to us to sort it out for them.