Hey all.

I have just moved mortgage providers, and I have a key question.

When arranging the new mortgage around 8 weeks ago I had in front of me the mortgage statement of my current/previous lender, now that my new mortgage paper trail has finalised, the amount borrowed is the same amount as the amount owed 2 months ago, yet I have made at least 1 payment since. So what happens to the £640 I've paid since?

I see nothing obvious at this stage hence this post, so before I ring them and ask I'd appreciate some honest sense to it please.

I was thinking one of these:

Reduced borrowed time, by say a month?
Rebate later?
Reduction of monthly payment?
Fraud?

Rob

 

Did it maybe have a fee and that got added on

 

A similar thing happened to me when I paid my mortgage off, I received a cheque about a month after. No explanation or covering letter, just a cheque equivalent to 1 monthly payment.

 

Solicitor receives the whole amount of money you are borrowing from new provider, he or she then transfers the amount outstanding with your current provider (this should now be less - if you paid £640 on a repayment scheme Im guessing but probably £350 less owed to the mortgage company depending on interest rates etc that you were paying) Solicitor will most likely send you a check for the £350 a week or two after the deal is complete.

 

It was a free fees deal

That's odd, they could at least explain themselves or state the reason for the reimbursement. A person wouldn't find themselves paying off a mortgage very often in their single lifetime, so an explanation wouldn't go a miss

Ok Dave that makes perfect sense. I'll see what happens in the meantime. They appointed there own legal team to sort the necessary hence the free fees. I'm not fussed about the cash they've taken so long as its accounted for in some way

Rob