newbie quick question

poppyangel

Hiya! This is my first post, please be kind! I have just completed a remortgage and know that my old mortage company will take their DD at the end of the month as it is too late to cancel it, my new company will take first payment in the middle of the month. However will my old mortgage company refund me that payment as I am no longer mortgaged with them or is it usual to end up paying 2 mortgage payments in the first month? I hope this makes sense. Thanks for reading.

JuiceFS

Hi there. Yes you will get a refund. Depending on the lender that you've just left, will depend on how quickly you get your money back. Just be mindful that your first payment with the new lender could be a little higher to take into account the two weeks and interest due. It's worth calling your old lender just to give them a gentle nudge and check how much is due back to you.

Tiddler_2

If you are certain that the mortgage was fully repaid without taking into account the May payment (which if the solicitor/conveyancer has done his job properly it should have been!) then you can just wait for the lender to get around to refunding the money, or you can contact your bank and ask for a refund under the terms of the direct debit guarantee.

Your bank will probably try to fob you off by saying you need to get the mortgage lender to refund it, but that is them just being lazy. Insist that it is refunded and straight away - they will then reclaim the money from your mortgage lender who have to refund it to them

Depends how desperate you are for the money

poppyangel

Thank you very much for the advice, I will ring old mortgage lender on Monday. I have already checked with the new mortgage company what the first payment is as I have been stung before, thanks anyway though.