Remortgaging - First Month's Interest?

Adamc

Hi all

We've just remortgaged switching from one bank to another (literally today 10th July).
We have paid our previous provider July's instalment and we are due to pay our new provider at the beginning of August.
The first payment is £200 higher than the subsequent monthly repayments? Around £800 rather than £600. 

Is interest usually charged in areas? So have I paid June's interest at the beginning of July? 
I just want to make sure there's not a £200 overlap in interest repayments ... (however, I do realised that this is very unlikely and just wanted someone to remind/clarify my understanding) 

Thank you. 

Thrugelmir

Interest is charged in arrears. The July payment made will have included the interest for June. 

getmore4less

There can be overlap depending on the exact dates of interest payment and the redemption, some time the redemption figure may not include the last payment so you can be due a refund of some of that.

There can be a little overlap of interest days as the new money gets drawn down earlier than the old lender gets paid off

Adamc

getmore4less said:

There can be overlap depending on the exact dates of interest payment and the redemption, some time the redemption figure may not include the last payment so you can be due a refund of some of that.

There can be a little overlap of interest days as the new money gets drawn down earlier than the old lender gets paid off

Would any errors be rectified by the lenders and legal team or do I need to ensure I haven't been charged twice myself?

davidmcn

Adamc said:

getmore4less said:

There can be overlap depending on the exact dates of interest payment and the redemption, some time the redemption figure may not include the last payment so you can be due a refund of some of that.

There can be a little overlap of interest days as the new money gets drawn down earlier than the old lender gets paid off

Would any errors be rectified by the lenders and legal team or do I need to ensure I haven't been charged twice myself?

Any overpayment will come back to you from the lender automatically, it won't just be pocketed by them.