Santander 1st payment -Remortgage 1st payment

FirstLadyKirkman

Hoping someone can help as my broker is being useless! 

Remortgaging to Santander from Halifax. Fixed with Halifax ends on 31st Dec. 

My DD is sent for 1st of the month and that is what we have asked Santander to set up.

Am I right in assuming that last payment to Halifax will be on 1st Dec and that my 1st payment to Santander will be on the 1st of Feb with an extra whole months interest (4.99%)for January added on, or will my 1st payment be on the 1st Jan and my "normal" amount? 

Many Thanks 

Hoenir

The old direct debit may well be taken on the first of January (or the next working day). However this will soon be refunded to you. The completion statement will account for interest due to the 31st December. 

The new direct debit from 1st February will account for the January interest due. 

Will all come out in the wash so to speak. 

MWT

FirstLadyKirkman said:

Hoping someone can help as my broker is being useless! 

Remortgaging to Santander from Halifax. Fixed with Halifax ends on 31st Dec. 

My DD is sent for 1st of the month and that is what we have asked Santander to set up.

Am I right in assuming that last payment to Halifax will be on 1st Dec and that my 1st payment to Santander will be on the 1st of Feb with an extra whole months interest (4.99%)for January added on, or will my 1st payment be on the 1st Jan and my "normal" amount? 

Many Thanks 

If the last day of your fix is 31st Dec (Sunday) and it is a bank holiday on the 1st, I doubt you would be able to complete the remortgage earlier than the 2nd Jan anyway, so it is a certainty that your payment due on the 1st is going to go out to Santander, but they will refund it soon after as mentioned above...

FirstLadyKirkman

Hi all

Quick update and confirmation required! 

So as above completion set for (date put down on conveyancing survey) 01/01 but because of BH will be the 02/01.

Halifax have confirmed a payment (on SVR) will come out on the 02/01 but if completion does happen on the 02/01 the full amount will be refunded within 15 days if not it will be reduced depending on how many days interest has accrued.

I then called Santander and they have confirmed if completion happens on the 02/01 as our payment date is the set for the 1st our first payment for them would come out on the 01/02. I asked roughly how much that would be as I know 1st payments are always more but she said it's in arrears so it will just be our bog standard payment for January - no extra.

That can't be right can it?! It feels like we are getting a month free??