Redeeming an INBS mortgage - confusing!

Am in the process of switching my mortgage from INBS to another provider. I got the redemption figure from them this morn which did not include my most recent repayment (May). There is also a mortgage credit of approx €10k on the account which is a result of overpayments from a few years back.

But the redemption figure takes no account of May's repayment or the mortgage credit and they want me to repay the full amount and then they will 'send me on a cheque' for the this months DD and the credit. So in essence, I have to pay the full amount irrespective of what they owe me, which seems a very roundabout way of going about things.

Is this a regular occurence when switching/paying off mortgages? Why can't they just apply the credit items to the owed amount? I'm just concerned that after paying the full redemption figure, I will have a job and a half getting them to repay me.

Can they not simply tell you what capital balance is outstanding net of any repayments made to date and you pay them this?

I would tread carefully here given INBS's past history of dealing with such matters. I would even consider asking somebody like Brendan (if he is willing) or your solicitor for advice.

I asked for the net figure, but the redemption statement simply states what's owed not including these overpayment credits. When I phoned I was told the credits would be refunded once the mortgage is redeemed.
It does sound a bit dodgy doesn't it?

MelF said:

It does sound a bit dodgy doesn't it?

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Sounds odd. When I redeemed a mortgage with EBS a few years back it seemed a lot simpler. They gave me the outstanding capital balance figure and I paid it. No messing.

OK, I've just phoned them and now they've told me something else entirely. Getting concerned....

Get things in writing.

Mel

There has been a consistent, historical problem with solicitors being unable to get redemption figures from the Irish Nationwide.

I don't understand why. All other banks are able to look at a balance on a screen and that's that.

I know one customer who got the figure in writing, but queried it. They got it confirmed. They remortgaged. And two years later , the Irish Nationwide told them that they had been given the wrong figure. They still owed money to the IN. They had to further remortgage to pay the balance.

In the old days where they charged interest on the annual rest basis, it was a tiny bit more complicated. Now that they charge interest monthly or daily, there should be no complication.

I am happy to have a look at the documentation for you. But you must get a document called the Mortgage Account Breakdown Sheet which is an internal document which shows you how it's calculated. The statements are impossible to understand.

Brendan