Small amount left on mortg after redeeming it

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.
 
Monbretia said:
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.
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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.
 
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
 
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.
 
jim said:
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.
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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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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!
 
Niall-1980 said:
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.
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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.
 
Coldwarrior said:
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.
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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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