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A simple question (or two) about remortgages
melt71
Posts: 586 Forumite
I posted the other day about all the confusion with my remortgage. I thought I'd answered all of my queries but obviously not!
to recap, there is a slight shortfall showing on my redeption statement which hasn't yet been explained - according to Birmingham Midshires it should be once I've made my direct debit payment to them on Monday. They seemed to think so anyway, even though the shortfall is more than my monthly DD.
I mentioned this shortfall to my solicitor, got no response and also told them in no uncertain terms that I do not want to complete the remortgage until this shortfall is explained AND I don't want to have to pay 2 mortgage payments in one month as I don't have enough funds in my account.
They've wrote to me today showing the following figures and saying that they are going ahead with the completion on 4th March !!!!!!?
New mortgage £109000
Old mortgage £113761.59
Balance due from me(!) £4761.59
£4343 can be clarified straight away, it is my early redeption fee - which will be removed from the mortgage on 1/3/08. My solicitors know this and yet have still included it in their completion statement!
The remaining balance is the shortfall that I am concerned about. On my mortgage redeption statement it works out at £652 which I am NOT prepared to just ignore - I had a fixed rate and therefore my payments should cover the interest in full. Even my FA agrees with me this on this. My solicitors are ignoring the issue though :mad:
My 2 questions are;
Should I put off the completion by ringing them on Monday morning until this shortfall is clarified (the new statement will be available from my mortgage company which will be up to date) or should I let them go ahead and then if the existing mortgage still has a shortfall, will I be able to query it with my existing mortgage company or will it be too late? The thing that concerns me is that nobody is giving me any definite answers and this all goes through next week!
If I do complete on 4th March - will I have to pay 2 mortgage payments in one month or will my new mortgage be collected at the beginning of April? Neither my solicitors or my FA has answered this query yet!
Thanks, Mel
to recap, there is a slight shortfall showing on my redeption statement which hasn't yet been explained - according to Birmingham Midshires it should be once I've made my direct debit payment to them on Monday. They seemed to think so anyway, even though the shortfall is more than my monthly DD.
I mentioned this shortfall to my solicitor, got no response and also told them in no uncertain terms that I do not want to complete the remortgage until this shortfall is explained AND I don't want to have to pay 2 mortgage payments in one month as I don't have enough funds in my account.
They've wrote to me today showing the following figures and saying that they are going ahead with the completion on 4th March !!!!!!?
New mortgage £109000
Old mortgage £113761.59
Balance due from me(!) £4761.59
£4343 can be clarified straight away, it is my early redeption fee - which will be removed from the mortgage on 1/3/08. My solicitors know this and yet have still included it in their completion statement!
The remaining balance is the shortfall that I am concerned about. On my mortgage redeption statement it works out at £652 which I am NOT prepared to just ignore - I had a fixed rate and therefore my payments should cover the interest in full. Even my FA agrees with me this on this. My solicitors are ignoring the issue though :mad:
My 2 questions are;
Should I put off the completion by ringing them on Monday morning until this shortfall is clarified (the new statement will be available from my mortgage company which will be up to date) or should I let them go ahead and then if the existing mortgage still has a shortfall, will I be able to query it with my existing mortgage company or will it be too late? The thing that concerns me is that nobody is giving me any definite answers and this all goes through next week!
If I do complete on 4th March - will I have to pay 2 mortgage payments in one month or will my new mortgage be collected at the beginning of April? Neither my solicitors or my FA has answered this query yet!
Thanks, Mel
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