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Refund of Mortgage interest ...

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  • 25-11-2010 12:33pm
    #1
    greengirl31
    Registered Users Posts: 416 ✭✭


    Hi all ...
    I'm not sure if I'm posting this in the right place but perhaps you can point me in the right direction....

    I drew down my Mortgage In October but at the last minute there was a legal issue and I couldn't close... I'm only actually getting the keys tomorrow.

    I've heard that I can apply to have the interest that was charged from the date the funds were issued to the date I get the keys refunded ???

    Is this the case and how do I go about it ..

    Thanks in advance

    A


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    #2
    The Rooster
    Registered Users Posts: 4,516 ✭✭✭The Rooster


    greengirl31 wrote: »
    Hi all ...
    I'm not sure if I'm posting this in the right place but perhaps you can point me in the right direction....

    I drew down my Mortgage In October but at the last minute there was a legal issue and I couldn't close... I'm only actually getting the keys tomorrow.

    I've heard that I can apply to have the interest that was charged from the date the funds were issued to the date I get the keys refunded ???

    Is this the case and how do I go about it ..

    Thanks in advance

    A

    If the cheque/bank draft was not cashed until you got the keys, then I'd suggest writing a letter to your mortgage provider, stating that as the draft was not cashed until X date, the interest on the account should only run from that date.

    If the monies were cashed and were lodged to a solicitors account in the interim period, then I don't think you have any recourse to the bank. You could ask the solicitor for some interest, as in that period it was your money that was resting in their account - but not sure I'd fancy your chances, as no doubt they'd argue adminstration fees more than covered the interest!


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    #3
    adcom
    Registered Users Posts: 36 ✭adcom


    As already said- it depends on wether the cheque was cashed or not. Very easy to know if it was as you would have to have made payments. You can claim TRS from the day that it was drawn down.

    If the bank were just letting the interest accrue and you were not paying then i would get onto them and your solicitor pronto.

    If your solicitor requested the funds too early then the matter rests with him. If the bank just sent out the cheque without being asked then you can chat to them.

    Weird and all as this may seem you could also contact the obvious!!- the TRS office!! They are really helpful!


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