Remortgage. Redemption statement

mrbg07546

Hi. We are remortgaging with Lloyds with our fixed term ending 1st of March 2021(with NW). When the solicitors  requested the redemption statement,  it had a penalty fee. I said to them to use 1st of March as a start date for new mortgage. They said you have to obtain redemption statement nearer the time so it don’t include penalty. Does this make sense? How long before should I get redemption statement while minimising the risk of mortgage start date after the 1st. Any tips?

davidmcn

mrbg07546 said:

We are remortgaging with Lloyds with our fixed term ending 1st of March 2021(with NW). When the solicitors requested the redemption statement, it had a penalty fee. I said to them to use 1st of March as a start date for new mortgage. They said you have to obtain redemption statement nearer the time so it don’t include penalty. Does this make sense? How long before should I get redemption statement while minimising the risk of mortgage start date after the 1st.

Yes it makes sense. Probably within a month? The solicitors should know though, they do this all the time.

mrbg07546

Ok thank you. The fact my mortgage goes out the first of month. Would that be a issue?

davidmcn

mrbg07546 said:

Ok thank you. The fact my mortgage goes out the first of month. Would that be a issue?

Doubt that matters. Just that three months is too early to get a statement.