NATWEST - Interest to Anticipated Redemption Date ?

Options
bbasra
bbasra Posts: 92 Forumite
First Post First Anniversary Combo Breaker
in Mortgages & endowments
Guys,

Can anyone explain Natwest's Interest to Anticipated Redemption Date ?

They've added a charge of £852.67 which they say equates as follows from 16th November to 11th Jan

daily interest @ 2.02% Fixed - £12.10 x 46 Days
daily interest @ 4.49% SVR - £26.90 x 11 Days

however, I've already paid my monthly mortgage payments which included interest?

Many thanks in advance.
«1

Comments

  • YHM
    YHM Posts: 650 Forumite
    Options
    When was your last payment date on your Natwest mortgage?
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    Options
    and on what date was the redemption statement issued?
  • bbasra
    bbasra Posts: 92 Forumite
    First Post First Anniversary Combo Breaker
    Options
    YHM wrote: »
    When was your last payment date on your Natwest mortgage?

    15th December was my last payment date. 15th Jan is the next one however, trying to complete 11th.


    Redemption statement is dated 5 January 2018.
  • Jamesellward
    Jamesellward Posts: 2 Newbie
    Options
    Hi did you get any further with the redemtion charge
  • Jamesellward
    Jamesellward Posts: 2 Newbie
    Options
    I have just been given mine and the same thing has happened with me. There is a section with the amount for aniticipated interest i though i paid my intrerest on my monthly payments
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    Interest will be charged in arrears, i.e. on the outstanding balance.
  • 73Jonathan123
    73Jonathan123 Posts: 111 Forumite
    Options
    Hi,
    I'm confused by this one too. Not sure I'm clear on the answers. I'm looking to pay off the last £800 on my mortgage but the redemption notice has come in with a charge of 299.91 for this 'Interest to Anticipated Redemption Date'. My last repayment was £22 on the 21st March. Can anyone explain the maths to me please? I thought I would be paying off £800, not 1099.91.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    There'll be a mortgage redemption fee to pay. Perhaps this is included within the figure quoted.
  • 73Jonathan123
    73Jonathan123 Posts: 111 Forumite
    Options
    Thanks, but if it's a redemption fee why is it called 'Interest to Anticipated Redemption Date'. Legal Jargon?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Options
    73Jonathan123 wrote: »
    Thanks, but if it's a redemption fee why is it called 'Interest to Anticipated Redemption Date'. Legal Jargon?

    Laziness in preparing the statement possibly.

    What's your current mortgage product. Any conditions attached.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.6K Work, Benefits & Business
  • 608.5K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards