Old mortgage payment/new mortgage payment confusion!

[MrsTeaPlease]

We are due to move 14th September. Our current mortgage will be being redeemed upon completion as we have a new lender for the new mortgage.

We pay our current mortgage payment on the 15th of each month and the new mortgage has been arranged to also come out on the 15th of each month.

I've got myself all confused and can't for the life of me work out what or who we will be paying on the 15th September.

Will we be paying the current mortgage as we obviously haven't paid this month until it comes out on the 15th, although it will have completed the previous day?.... or will we pay the new mortgage but we will only have been there a day? Or will we have to pay both?!

Any advice?

I would think that if your mortgage is redeemed on 14th, then it will be paid in full to your current lender - that is, the exact amount you owe will be paid on that day.

So after 14th you will owe your current lenders nothing.

That makes sense, thank you!

Yes, if you are completing 14th then this is the day your old loan with previous lender gets paid off. Be sure to cancel the direct debit at your bank!

I would imagine that the old lender will still take the DD on the 15th Sept as it would be too late for them to cancel it. They would then refund it back to you once they have reconciled your redemption (normally within a week or so). The new lender wouldn't take their DD until October as they wouldn't be able to request payment until after completion (and you would pay 2 months on this first instalment). They should notify you within a few days of the payment schedule for the new mortgage once it goes live.