Redemption Statement

Moneygrabber89

so am i any further forward with where i stand?

I haven't got it in writing they are porting mortgage but that was the agreement when speaking to mortgage advisor.

Thrugelmir

What does your mortgage offer say? 

Moneygrabber89

On my original redemption statement it states we understand that this mortgage is to be transferred onto a new property. If an early repayment charge applies, this amount will be included in the total redemption amount above but will be refunded provided the new mortgage completes within 90 days as detailed in the general mortgage conditions. If the current mortgage is redeemed and the new mortgage completes simultaneously then a early repayment charge would not apply, provided the new loan amount is equal to or more than the existing mortgage balance.

 

However my solicitor requested that they confirm that I will defo wont have to pay early repayment and they seem confused.

Thrugelmir

Doesn't appear if an ERC will apply. More a question of how Tesco/Halifax account for this transaction internally. 

Stenwold

Moneygrabber89 said:

On my original redemption statement it states we understand that this mortgage is to be transferred onto a new property. If an early repayment charge applies, this amount will be included in the total redemption amount above but will be refunded provided the new mortgage completes within 90 days as detailed in the general mortgage conditions. If the current mortgage is redeemed and the new mortgage completes simultaneously then a early repayment charge would not apply, provided the new loan amount is equal to or more than the existing mortgage balance.

 

However my solicitor requested that they confirm that I will defo wont have to pay early repayment and they seem confused.

The redemption statement will show the ERC because it only shows what is left to pay to redeem your mortgage, which includes the ERC - there are no caveats or 'if' statements as part of the redemption, just factual information. The fact that you're porting and the new mortgage will complete on the same day won't be reference here.

If Halifax have confirmed they will honour the agreement you made with Tesco, you'll just have to trust the administrators to process the redemption correctly.  

Moneygrabber89

ive spoken to halifax servicing team they have agreed i don't have ti pay this fee and are going to ring my solicitor and confirm
Thanks for your support during this stressful time.