Remortgage Question

[romeogolf]

We're remortgaging at the moment to a new provider and have advised the solicitors handling the case that our current interest rate is due to expire 30th April so we'd like to complete by that date.

In terms of payments due, what is the general process with final payments to the existing provider and first payment to the new?

Our current direct debit goes out on the 1st of each month, so we've paid 1st April at our regular amount. Our existing provider has said that our next payment, 1st May, will be the higher rate. Assuming we complete the new loan before this, does this bring us up to date with our existing provider, or is there an interim payment usually due?

[TheAngryDog]

I asked the same question of my current provider. Their response was that they will take the payment and then refund around 7 to 10 working days later.

[zedx19]

When we remortgaged last year we ended up with a refund from the old provider and a slightly higher first payment from the new supplier. All sorted out with the solicitor and lenders though so nothing for you to worry about, you won't end up double paying, it's not VED