Remortgaging After 2 Year Fixed Deal Finishes

Adamc

Hi 

My 2 year fixed deal is about to expire and the broker I arranged it with said to remortgage with the same lender at a rate of 1.99%
I found a deal with another lender 1.49% with very similar terms and asked the broker if that was available. He replied saying it was so I asked to switch and they applied for me. The saving equates to around £50 per month for switching. 

My current deal ends at the end of next month. I've asked for a completion date of 2nd July. I can remortgage without early repayment charges from 1st of July.
The mortgage agreement came through today but there was no sign of that completion date on it, or any other completion date. Is there any chance that it will occur before that date? This would cost more than £1000 in ERCs. 

The first month payment is £200 more than the fixed monthly repayments thereafter. I am guessing this accounts for interest? However, if I complete 2nd July will I pay my current provider (usually paid on 2nd of July), my new provider, or would I skip July and pay the following month + interest? How is it worked out, just so I can reassure myself I won't be charged the interest twice?

I noticed on the mortgage offer the lender would pay Prime AMF (or a similar sounding company) £700 for arranging it. Does the broker get most of that? Have I lost any benefits by going with an independent broker as opposed to going directly to the lender and one of their mortgage advisors? For instance when I found the deal it said that you get £100 cash back if you sign up for a current account with the lender, however, this was never mentioned?

Thanks in advance if you can help clarify. 



 

 

jamielutz1987

@Adamc

1. The mortgage offer will not specify a completion date, the conveyancer/solicitor will be able to give you a potential completion date once the Conveyancing gets underway which you need to okay. It will not happen without your agreement.

2. The £700 is the procuration fee that the firm gets (usually around 0.3-0.4% of the loan amount), the broker will get a percentage of that.

3. You are unlikely to have lost out by going to a broker, however it's impossible to say for sure based on the info provided.