What is she trying to tell me.

[Top Cat]

Serious thread on remortgaging.

My Solicitor has just sent me some bumf to sign and send back, the remortgage will be going through soon so she has asked me this below. I am not sure why or what she is asking me to do.

Can you please let me know what completion date you would like me to work to? When considering the date may i draw your attention to the fact that individual lenders not only have different methods of calculating first monthly payments but also calculating redemption statements. Redemption statements are quite often calculated at the end of the month no matter what date you complete in the month. i feel it would be worth your while enquiring from both lenders the position but do bear in mind the dates must coincide.

I thought i just picked a date once all the deeds and bumf had been put in place and the new lender was happy to give me the money. Then it gets worked out what i owe up to this date and added to my large payment.
I read the above paragraph as my solicitor saying i should pick the end of the month because they will calculate it from then no matter what even if i was to pick say 20 days from then. 

Help i am confused. 

[andrewparker]

As far as I'm aware lenders normally calculate interest on a monthly basis, rather than daily. So there is no point asking for a completion date of say, the 15th of the month, because your redemption statement will include half a month of interest, and your new lender will potentially include a full months interest in your first payment. So effectively you'll needlessly pay double the interest in one month.

[Top Cat]

So i might as well just pick a date at the end of the month. Is this what you are saying. 

[andrewparker]

So i might as well just pick a date at the end of the month. Is this what you are saying. 

Yep.

[berg]

As far as I'm aware lenders normally calculate interest on a monthly basis, rather than daily. So there is no point asking for a completion date of say, the 15th of the month, because your redemption statement will include half a month of interest, and your new lender will potentially include a full months interest in your first payment. So effectively you'll needlessly pay double the interest in one month.

correct, complete last day of month, i think i did 31st march but its a bit hazy

[Tamiyoman]

When I was doing remortgages years back, we always advised completion last day of month 

[Top Cat]

I am just fed up of getting bent over for this particular remortgage. They are always painful but this one is like a dry bum f*ck. 
She asks me for a date to complete but points out my only option is to have month end, saving her actually working and getting a calculator out. 

[berg]

I am just fed up of getting bent over for this particular remortgage. They are always painful but this one is like a dry bum f*ck. 
She asks me for a date to complete but points out my only option is to have month end, saving her actually working and getting a calculator out. 

have you considered upping your boost?

[Tamiyoman]

I am just fed up of getting bent over for this particular remortgage. They are always painful but this one is like a dry bum f*ck.  
She asks me for a date to complete but points out my only option is to have month end, saving her actually working and getting a calculator out.  

Solicitors for you, their first concern is covering their own asses, then sorting your problems  

[berg]

I am just fed up of getting bent over for this particular remortgage. They are always painful but this one is like a dry bum f*ck.  
She asks me for a date to complete but points out my only option is to have month end, saving her actually working and getting a calculator out.  

Solicitors for you, their first concern is covering their own asses, then sorting your problems  

thats cause there are so many professional negligence claims around these days