Nationwide Mortgage Completion

thomas1988

Hi everyone,

Really quick query. My conveyancer requested a redemption statement on the 22nd November for completion on the 2nd December. My direct debit is set at the 1st of the month which was a Sunday so this was taken on the 2nd December the Monday. This was the same day as completion. Will I receive a refund for the direct debit amount?

LRmortgage

Yes you usually do, takes a week or two for the lender systems to realise you’ve made an extra payment.

If you haven’t heard from them after a week or so, might be worth giving them a call.

thomas1988

Ok so even though the redemption statement was on the 22nd November for a 2nd December completion does that mean the statement is just of that date so my direct debit on the 2nd is not included on the redemption statement?

Thrugelmir

Correct.

All comes out in the wash as the saying goes. Any excess funds will be repaid to you. Once your mortgage account is closed.

thomas1988

Thanks. My conveyancer said the same but when I spoke twice to nationwide both the advisors said no which was odd but they didn’t seem confident!

davidmcn

Redemption statements tend to state on them whether or not they've assumed the next payment will be made. In any event it's safer to carry on with your direct debits, any overpayment will always make its way back to you.

kingstreet

You can't lose money.

Either you benefit from a lower redemption figure and the money left over comes to you from the solicitor; or your payment is refunded by the lender as it has no home for it.