confused by settlement figure

dlk

I'm moving my mortgage on 1st Nov and my conveyancer has received my settlement figure from Halifax. The figures don't seem right to me so wondered if anyone could shed any light as to what it could be (I tried contacting Halifax but got a cut and paste response that didn't remotely answer my question)

My current mortgage balance is £116818.33
I have another monthly payment of £626.28 to come off this balance before completion
My monthly interest is £210.33
Yet the settlement figure is £117054.86

I don't get it?
I'm out of my early repayment period so surely it wouldn't be massively wrong to use 116818.33 - 626.28 + 210.33 = 116402.38

My fixed rate ends on 31st Oct so where is the difference coming from, surely the closure fee once on standard variable wouldn't be over £600?

dimbo61

Mortgage exit fee ? Interest is added daily and they won't credit your monthly mortgage payment till it happens !
Any excess will be refunded to you 

simon_or

Are you completing on 1 Nov and have your regular DD going out on 1 Nov? If yes then the 1 Nov payment won't be factored in to the redemption amount and you'll get it refunded by Halifax in a couple of weeks.

dlk

Thanks to you both. Actually after 90 minutes of waiting I finally got through to speak with someone at Halfax so all is clear now. Despite my next payment being due on 23rd Oct and it saying in the settlement statement that they included this they actually don't assume this payment will be made. Therefore my conveyancer will overpay them by £626 and Halifax will then just reimburse me

kingstreet

dlk said:

Thanks to you both. Actually after 90 minutes of waiting I finally got through to speak with someone at Halfax so all is clear now. Despite my next payment being due on 23rd Oct and it saying in the settlement statement that they included this they actually don't assume this payment will be made. Therefore my conveyancer will overpay them by £626 and Halifax will then just reimburse me

Just came back and was about to tell you that. Redemption figure normally assumes last payment has already been made and no allowance for any future payment will be included. Solicitor could have told you that too. AFAIK it tells them on the statement.