Redemption statement and mortgage repayment different

HallieG78

We are currently remortgaging and have finally received our bill for completion today, but the amount to repay our previous lender is £3k more than our mortgage offer! This is £3k I wasn't expecting to pay and don't have readily available...

There was quite a large gap in time between our redemption statement being sent and us completing - in which time we moved on to the tracker rate with our old lender and I've had to pay one mortagge payment at the higher rate in the interim. I'm wondering if moving on to the tracker rate has led to this £3k difference?

The estimate redemption we received from the current lender when our deal was ending is what we based the mortgage offer on. I haven't seen the redemption statement sent to our lawyers, but our lawyers didn't indicate we needed to increase the mortgage amount we were asking for.

Is there anything I can do about this additional £3k now or do I just have to find the money?

Phoenix72

What so you mean by moved onto the tracker rate? Did you take out a new product with an ERC?

kingstreet

You need to get a copy of the redemption statement from the solicitor. Without it, anything posted here would be pure speculation.

pjs493

My only experience is receiving redemption paperwork relating to a mortgage that was settled with Probate. When I received the Grant of Probate I called the mortgage company immediately and they said they prepare a redemption figure and send it out in the post. The paperwork was completed with a set date for redemption. 

Long story short the paperwork got lost in the post and nothing arrived by the stated date. I waited a few more days because I assumed I needed the paperwork otherwise I wouldn’t be able to pay (if I’d known I didn’t need the paperwork I would have paid as soon as the mortgage provider confirmed they had the Grant of Probate). When I called to chase they said I could pay straight away and gave me a figure over the phone. I then paid the balance. 

When the paperwork eventually arrived it had a different figure which was lower than what I paid. The difference was made up from daily interest. I was frustrated that I’d ended up paying a few hundred pounds more than if they’d let me pay the balance as soon as they got the Grant of Probate, but I just didn’t have the energy to argue the point. 

Could the extra £3k be from the interest accrued in the intervening period? 

amnblog

This question cannot be answered here, and certainly not without looking at the paperwork, or speaking to the original Lender.

penners324

Possible the old mortgage redemption statement didn't include the last payment you sent