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Remortgaging but switching to SVR just before we do - refund?
IronMan22
Posts: 68 Forumite
Hopefully this makes sense and someone might know.
We're remortgaging, and the fixed rate we have ends on 30/06/23. Early Redemption would cost a couple of grand, and so we're going to complete with the new lender on 3/07 (owing to the weekend and the way it falls).
Our mortgage usually comes out of the bank on the 2nd of the month, so will come out the 3rd. But we'll have swtiched to the banks SVR, and so pay about £500 extra on that payment.
We rang the lender (Halifax) to see if there was a way to roughly work out what we might get returned to us, as we've been told we will get some back. But they were the most unhelpful I've ever had, and so looking to see if there is a way to calculate it?
We're remortgaging, and the fixed rate we have ends on 30/06/23. Early Redemption would cost a couple of grand, and so we're going to complete with the new lender on 3/07 (owing to the weekend and the way it falls).
Our mortgage usually comes out of the bank on the 2nd of the month, so will come out the 3rd. But we'll have swtiched to the banks SVR, and so pay about £500 extra on that payment.
We rang the lender (Halifax) to see if there was a way to roughly work out what we might get returned to us, as we've been told we will get some back. But they were the most unhelpful I've ever had, and so looking to see if there is a way to calculate it?
0
Comments
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The interest you’ll pay will be your existing lenders semi-variable rate x 3/365 x your outstanding mortgage…
So supposing their rate is 7%, you’ll ‘lose’ £30 per 50k of borrowing from that additional £500 payment…
I think anyway… without being given any figures.0
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