Bank refuses to calculate redemption figure

Nailer99

In the MSE guide to remortgaging it says:

5. Get the exact figure you still owe on your mortgage so you don't end up with a shortfall
 https://www.moneysavingexpert.com/mortgages/getting-ready-remortgage/

and goes on to advise that you should ask your current mortgage lender to tell you the cost of paying off your mortgage on your planned remortgage date. 

When I contacted my lender, the Coop, they refused to calculate this for me, unless I paid a fee, and I’ve had to estimate the figure myself (which MSE advises not to do!). 

I’d assumed that this was just one of those things that banks don’t do to help you, but have I been poorly treated by the Coop here? Do other banks calculate redemption figures for free?

la531983

Yup, Barclays lets me do it in their app, put in the date and it generates a PDF. No fee.

user1977

Normal to charge for a redemption statement I think, but you don’t need one at this stage so not sure why they recommend you get one - you just need a rough figure.

You can't get an exact figure anyway given you (probably) don't know what date you'll eventually complete the remortgage. The solicitors get the actual redemption statement when they're close to that stage.

Nailer99

I agree that the figure doesn’t need to be exact. 

The question is how do you calculate the rough figure. Sure - it’s possible using spreadsheets but that will be beyond the capabilities of many people, and if you get it wrong there could be a high shortfall to pay on completion day. 

It is an easy calculation for the bank, and poor service that they won’t provide it. 

ACG

Have a look at your credit report. 
Have a look at your last statement, see how much it is dropping by roughly each month.