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    • Luana
    • By Luana 11th Apr 18, 9:03 PM
    • 11Posts
    • 5Thanks
    Luana
    remortgage - best completion date
    • #1
    • 11th Apr 18, 9:03 PM
    remortgage - best completion date 11th Apr 18 at 9:03 PM
    Hello. I have a Halifax mortgage tied to a fix rate until end of July. I'm remortgaging to Barclays - I've already received the mortgage offer which is valid until the end of August.

    The Halifax ERC expiry date is 31 July and I usually make the Halifax mortgage payments on the 1st of each month.

    Is it possible to complete on the Barclays mortgage on the 31st of July without paying ERC? Or it needs to be on or after 1 August? And if completion date is 1 August or a couple of days later, what happens to the direct debit that's due to come out 1st of August - to Halifax? Will Halifax still request the money?

    ta
Page 1
    • chelseablue
    • By chelseablue 12th Apr 18, 9:01 AM
    • 2,563 Posts
    • 2,994 Thanks
    chelseablue
    • #2
    • 12th Apr 18, 9:01 AM
    • #2
    • 12th Apr 18, 9:01 AM
    Same happened to me last week, changed from Halifax to Nationwide.

    Completion happened on the 3rd April

    Halifax payment was usually on the 1st of the month, but that was a Sunday and Monday the 2nd was a bank holiday.

    Yes they did take the payment on 3rd April, but they've told me I'll get it back..............but can take up to 15 working days.

    Also our fixed rate ended on 31st March so on the 3rd April they took the monthly payment on the svr rate, usually paid 720 but last week it was 1,008 so looking forward to getting it back
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • kingstreet
    • By kingstreet 12th Apr 18, 9:21 AM
    • 34,117 Posts
    • 18,511 Thanks
    kingstreet
    • #3
    • 12th Apr 18, 9:21 AM
    • #3
    • 12th Apr 18, 9:21 AM
    Earliest completion date 1 August.

    Cancel DDM a week before the payment is due. If something prevents completion taking place on 1 August, consider calling Halifax and paying over the phone by card.

    Your solicitor's redemption statement will assume your last payment was on 1 July and will give them a daily rate to add to the figure so they know what to repay on 2 or 3 August.

    Yes, you will eventually get back any overpayment if you leave the DDM open, but why make one if you don't have to...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
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