Remortgaging process

hill_ekaterina

We are due to complete a remortgage for the very first time on Jun 1st. The old mortgage payment also falls on the 1st June via Direct Debit.

At the same time, the old mortgage promotional period expires on the 1st as well. If we didn’t do anything, the mortgage payment would have gone up by over £400. 

Do you know if it is possible for them to charge that payment still? The old mortgage has been redeemed in the solicitors’ bank account. Thanks in advance. 

Sara21

I was in this situation last month with a remortgage. The old mortgage payment went out on the 1st as normal but a higher amount to account for the new interest rate. It was refunded in full within 10 working days but you can request it back quicker via your bank. 

hill_ekaterina

Sara21 said:

I was in this situation last month with a remortgage. The old mortgage payment went out on the 1st as normal but a higher amount to account for the new interest rate. It was refunded in full within 10 working days but you can request it back quicker via your bank. 

Thank you! How would I go about doing it via the bank? Would be a direct debit guarantee type claim?

Sara21

I'm not sure exactly but when I spoke to the mortgage company beforehand to ascertain if the payment would be refunded, they said to contact my bank and ask for a direct debit chargeback if I wanted the money back quicker. Best of luck