Remortgage | Old lender funds not redeemed

Davina_Hart

Hello - all helpful people, 

Just here to take a bit of advice really.

We have completed on remortgage yesterday. The solicitor of new lender have advised that they have redeemed old lender(Barclays) funds, but while tracking online through our mortgage account and on speaking to Barclays they couldn't locate a payment has made.

I have spoken to new lender's solicitor earlier, they have advised a payment has already been made electronically and it can take up to 10 working days to clear! They further said that we won't incur any daily interest as Barclays would take into account the date when funds were sent to them i.e. 11th April. They also said this is quite a normal process for remortgage.

This information does not seem right. In this day and age, it does not take long for funds to show up when sent through electronically. I am worried about daily interest being charged from Barclays and new lender at the same time.

Is the information provided correct?

Many thanks

Thrugelmir

Funds are indeed transmitted electronically after being manually input. However still requires manual intervention to process. Your transaction will be sitting in queue like many others awaiting processing. As there's legal paperwork to be completed as well yet to formally close your old mortgage account. 

Davina_Hart

Thanks Thrugelmir for taking time to respond, so what you are saying is that Barclays will back track the date they received the funds on and this won't incur daily interest? 

From the conversation with Barclays, they have failed to locate a payment on their holding account. I've asked repeatedly if there is any other account the funds would have gone into and they said that is the account they use. 

Thrugelmir

How many transactions do you think Barclays receive into holding account every day? They are not going to waste time and money to track down a single transaction as it's little more than a wild goose chase. They'll have a team progressively working through the transactions in a structured and disciplined matter. Once one part is actioned it'll moved into another work queue. Hence the time to close your mortgage account. 

Solicitors are used for these transactions as they indemnify the bank against any loss. My word is my bond in terms of professional standing. 

Davina_Hart

Thanks again for taking time to respond. I shall wait patiently - as long as this delay doesn't incur interest charges then it can take whatever time really. 

penners324

Some transactions still have to have manual input to get resolved.

No need to hassle Barclays any more