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soxford

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user1977

The surplus will come back to you automatically, you don't need to call anyone. May take a few days to work its way through.

K_S

soxford said:

I'm not sure whether it is the old lender or the new lender I need to chase this up with, or if it is a common issue that will get sorted....

I began the process of fixing a new mortgage deal six months prior to the current one ending. Secured 2.28% fix for 2 years. However the old deal ended 30 September, and new deal started 3rd October because of the weekend.

It's all gone through but... Old lender took one variable rate payment on 3rd as new lender completed, £700. New lender has written to say first payment is going out in about a week's time, £478. I've had a lump sum already which was the difference between mortgage money released and what we owed prior to 3rd Oct, but we're still out of pocket because of that payment we couldn't avoid, the actual mortgage on 3rd Oct after that extra payment went out was lower still. Old lender has now removed mortgage account from online banking but I had all figures written down thankfully. 

Am I overthinking this, or which lender should I call? I'm guessing the new one? Is this normal? Thanks

@soxford The old lender will refund the payment. With most mainstream lenders it usually takes around 1-2 weeks and comes back into the account from which the DD is paid out. With some smaller lenders (mostly smaller building societies) it can come in the form of a cheque and take a bit longer.

If a delay will put you in serious financial trouble then do contact the previous lender to see if there's any way to expedite it.