Remortgage: who do I pay and when?

[TheZeppo]

This is probably really obvious 🤣

Im with Barclays- fix runs until 31st Oct. direct debit to them is always on the 1st.

swapping to Halifax. Completion date not yet confirmed, but will be early Nov.

if it is the 1st Nov- who do I pay? Leave DD to Barclays? Or cancel and pay Halifax?!

Thanks!

By early Nov, I assume you don't mean 1 Nov. So you pay barclays what you owe them on 1 Nov, unless they tell you otherwise.

Thank you for the reply!

Thats exactly my point though- I asked for 1st Nov? Is it easier if I suggest 2nd for completing? No grey area then?

Random question but I'm also hoping to move my mortgage to Halifax. Broker had the decision in principle yesterday, so just wondering how long the process has been for you? I'm hoping it'll all go through okay, it's a good rate for the current times.

I started the process months ago, locked in a much lower rate, so I can’t really help with how quick it can be! Sorry ☹️

We found we had to pay more for the first payment to the new bank post remortgage despite sticking to the same schedule and having a lower rate. I’d be a bit wary I think re swapping on payment day.

eg
paid bank A usual amount on 1 September
swapped on 10 September
paid bank B 1 October but had to pay Bank B usual payment plus interest for most of September.

Completion confirmed as Nov 1st.

Barclays have sent me a letter saying monthly payment will go to SVR, 5.25%. They will take x amount on the 1st Nov.

Do I let that go through? Cancel DD?
When do I pay Halifax?

super confused 🤣

Basically you just let it go through and if you've overpaid they will credit you back

Thank you @WonderWoop 👍