Redemption figures

doelani

Our mortage is due for payment on 28th April, if we get redemption figure for 28th and remortgage with another company completed on 28th do we also have to pay april payment?

I am confused I thought the figure would include payments owed up to and including 28th april but when I phoned current mortgage provider tehy said no we woudl still have to pay on 28th april as normal and if overpayment they would refund us. Surely if completion done on 28th and they recieved redemption figure the mortgage will be closed so nowhere for the direct debit to go by teh time it goes through the system.

Can anyone help ?

Gailk

Hope someone can answer this. We are in a similar position - we are due to complete on the 28th and we have a mortgage payment due on the same day. On the letter we got with our redemption statement was a note telling us to cancel the direct debit as soon as we knew completion was imminent, but this seems to go against other advice I've read on here?

doelani

think I have a copy of redemption figure I recieved when we first looked at remortgaging , will have a look and see if it mentions anything

oysterman

We have just changed our mortgage, & what is happening with us is that it is being sorted our on the 16th, the d/d is been cancelled for the end of the month but will have to pay 1,1/2 payments in may.

dunstonh

The redemption figure will say which monthly payment is the last. So, you can cancel it after that. HOWEVER, its often best to wait until closer the time in case the completion gets held up for some reason. In which case you would need to make the monthly payment.