Small amount left on mortg after redeeming it

jim

Frequent Poster
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465
Yes Monbrieta this is my understanding also.

Thanks all for the advice.

Apologies Dauhee, i appreciate your advice. I am satisfied with why there is a 550 difference and will be happy to pay it.
 

Niall-1980

Registered User
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36
Any redemption figure quote I have ever seen had an amount valid up to a specific date and a daily accrual of interest figure after that for a set time, possibly 30 days from memory. After that you need to reapply for a new one.

Also usually if there was a payment due in close to redemption figure quote it was not always included in the calculations as it could be returned unpaid for a period of time. This sometimes resulted in a credit on the account after redemption when the payment fully cleared, this would be returned to customer.
100% right just had the same with a switch for PTSB to KBC and only switched once from 3.7 to 2.6 fixed for 5 years and head is melted. Don't know how these boys are doing multiple switches id be in the mental. Its not worth the stress.
 

Dauhee

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117
thanks @RedOnion + @Monbretia for correcting me, I'm totally wrong about an interest moratorium for set period, apologies to all for confusion I may have created. Yes there is a daily accrual that is set for a particular interval from getting redemption figure
 

jim

Frequent Poster
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465
Slight update/correction re my OP.

I double checked today and i did in fact apply for the same mortgage amount from all 3 banks - 175k.

So given that i have drawndown from bank 2 should 175k not have been discharged to bank 1 in redemption of their mortgage? A bit confused now again on this.

Only 174k was sent to bank 1 to redeem their mortgage so I am not sure where the other 1k is.

I will ask my solicitor anyway, its prob a simple error that can be amended.
 

RedOnion

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3,288
Only 174k was sent to bank 1 to redeem their mortgage so I am not sure where the other 1k is.

I will ask my solicitor anyway, its prob a simple error that can be amended.
Your solicitor is key to all this.
I understand he should have asked the bank for a redemption figure, and transferred that amount. Any surplus should be sitting in his client account for you.
 
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jim

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465
Thanks! Yes iv double checked with my solic and this is the case so its all good.

doing 3 switches is a bit of a head melter but im getting there!
 

Coldwarrior

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170
100% right just had the same with a switch for PTSB to KBC and only switched once from 3.7 to 2.6 fixed for 5 years and head is melted. Don't know how these boys are doing multiple switches id be in the mental. Its not worth the stress.
Off topic but just curious, what parts of the process did you find stressful? Getting all the statements and other docs can be a pain along with the inevitable last minute requests from bank etc but overall I've found the multiple switches well worth it. Would have had to work a hell of a lot harder at work to get the equivalent after tax increase in bonus etc to match the cash back offers.
 

Niall-1980

Registered User
Messages
36
Off topic but just curious, what parts of the process did you find stressful? Getting all the statements and other docs can be a pain along with the inevitable last minute requests from bank etc but overall I've found the multiple switches well worth it. Would have had to work a hell of a lot harder at work to get the equivalent after tax increase in bonus etc to match the cash back offers.
Hi mate to be honest the gathering of the docs and statements were grand. It was the last minute requests from KBC that annoyed me. I was only switching 100,000 so the reward was small 3,000 cash back minus 1,300 between valuation and solicitor so 1,700. The real saving for me was the rate.
 
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