Paying Double Interest While Switching Mortgage Query

[shammy feen]

Hi,

I recently moved my mortgage from IIB to Ulsterbank. Ulsterbank wired the funding for the new mortgage to my solictor on the 4th of may and the funding cleared on the 6th of may. My solicitor redeemed the old IIB Mortgage on the 16th of may. My new mortgage with Ulsterbank first premium came out on the 4th of June for the full monthly amount including the daily interest on the loan since the wiring of the funding on 4th of May. My solicitor sent on a cheque for the balance after deducting his fees and it appears I have also been charged daily interest on the IIB loan up until the redemption date of 16th of May, which equates to about €500 or so.

My question is this (I hope you can help):

What is the official guidelines on Solicitors for mortgage redemption, what timeperiod is acceptable? What is the solicitors responsibility in this regard?

It seems very unfair to have to pay interest on the old mortgage as well as the new mortgage at the same time. Am I liable for this? I would have thought there should not be any overlap.

Was it up to my broker to make me aware of this possibility before selling me on the switch?

Any help on the matter gladly accepted.

Shammy

 

[shammy feen]

Hi,

Another question relating to the same transaction:

If in the event of switching mortgage provider a clawback is invoked on the previous mortgage (which was through a broker), Is that broker entitled to pass the clawback amount on to the client?

Thanks

Shammy

 

[Hel_n]

If in the event of switching mortgage provider a clawback is invoked on the previous mortgage (which was through a broker), Is that broker entitled to pass the clawback amount on to the client?

Yes this can be done but only if the cliet was made aware of this when the original mortgage was taken out - check the Terms of Business that the broker would have given you.

 

[dublinli]

Hi,

I recently moved my mortgage from IIB to Ulsterbank. Ulsterbank wired the funding for the new mortgage to my solictor on the 4th of may and the funding cleared on the 6th of may. My solicitor redeemed the old IIB Mortgage on the 16th of may. My new mortgage with Ulsterbank first premium came out on the 4th of June for the full monthly amount including the daily interest on the loan since the wiring of the funding on 4th of May. My solicitor sent on a cheque for the balance after deducting his fees and it appears I have also been charged daily interest on the IIB loan up until the redemption date of 16th of May, which equates to about €500 or so.

My question is this (I hope you can help):

What is the official guidelines on Solicitors for mortgage redemption, what timeperiod is acceptable? What is the solicitors responsibility in this regard?

It seems very unfair to have to pay interest on the old mortgage as well as the new mortgage at the same time. Am I liable for this? I would have thought there should not be any overlap.

Was it up to my broker to make me aware of this possibility before selling me on the switch?

Any help on the matter gladly accepted.

Shammy

it shoud not have taken that long for your solicitors to clear the debt with IIB. i switched from ptsb to nib and the cheque from nib to ptsb via solicitor went the same day.
i would query this with the solicitors