Which Day To Remortgage?

jimmy215

Hi

I was wondering if someone could give me some advice?

My Scenario:

My fixed rate (of 3.79% !) with the Halifax ends on the 30th Sep, moving to their SVR of 6.5% !
I have my new A&L mortgage all set to go whenever I want it to.
The 1st Oct is a Saturday

So I'm right in thinking I can't transfer on the 1st as it's not a bank working day?

And I can't transfer on Friday 30th Sep as I would incur ERC's, right?

So that leaves me with Monday 3rd Oct?

However, my Halifax monthly mortgage payment comes out on the 1st of each month...and my October payment would be set at 6.5%...

Do I have to live with this or can I cancel my DD with the Halifax and then pay them any interest arrears they ask me for at a later date?

Or am I worrying over nothing :-)

Any help to minimise my outlay would be much appreciated :-)

Many thanks

James

Joe_Bloggs

I made two mortgage payments ,old lender then new lender, despite completing on 22nd of the month. Normal payments set for the first, with both parties. There is approx a 2 week delay with the Halifax from receiving the money from your new lender and them actually having it affect your mortgage status with them. Your new lender will probably try to give you 10/12 days notice of the direct debit payment after completion. However you will probably be expected to pay a full months payment plus interest due despite it not being your chosen payment date. Leave it untill the Monday 3rd. I should have requested a payment holiday from my existing lender (IF. Halifax/Bank of Scotland) as I had a few £K of overpayments. The redemption cheque from the conveyancing solicitor helped as the new remortgaged exceeded the redemption figure by approx £1000.
J_B.

Thefunkygibbons

Surely you should get a redemption statement from existing lender and that would tell you what interest would be payable if the mortgage was transferred to A&L on a certain day. Then you would avoid the payment on the 1st October