Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • tnpn
    • By tnpn 9th Mar 17, 8:03 PM
    • 3Posts
    • 1Thanks
    Small lump sum into a remortgage
    • #1
    • 9th Mar 17, 8:03 PM
    Small lump sum into a remortgage 9th Mar 17 at 8:03 PM

    I'm just filling in my forms to remortgage, moving my mortgage to another bank.

    I've saved £6000 additional which I'd like to pay to reduce the mortgage and the rate I've been offered is for a mortgage £6000 less that what is on the outstanding balance, so I need to pay it.

    Do I pay the £6000 off my current mortgage balance before the remortgage or do I send it over to the bank providing the new mortgage? I was presuming it was the latter but I don't see anything on the forms where I can refer to the additional payment I want to make.

Page 1
    • dimbo61
    • By dimbo61 9th Mar 17, 10:20 PM
    • 9,754 Posts
    • 5,258 Thanks
    • #2
    • 9th Mar 17, 10:20 PM
    • #2
    • 9th Mar 17, 10:20 PM
    Are you still in a fix with your current lender ?
    Any ERC,s to pay if you paid the £6,000 off the mortgage now ?
    As long as you can pay the £6,000 off the mortgage or into the new lender I am sure they will be happy if you pay with a big jar of pound coins
    • mrsammyp
    • By mrsammyp 11th Mar 17, 3:38 PM
    • 159 Posts
    • 78 Thanks
    • #3
    • 11th Mar 17, 3:38 PM
    • #3
    • 11th Mar 17, 3:38 PM
    We are going through the process at the moment, it's likely you will have to pay the lump sum off your existing mortgage first.
    • kingstreet
    • By kingstreet 11th Mar 17, 3:46 PM
    • 32,922 Posts
    • 17,748 Thanks
    • #4
    • 11th Mar 17, 3:46 PM
    • #4
    • 11th Mar 17, 3:46 PM
    The smartest thing to do is hand it to the solicitor handling the remortgage ahead of completion.

    Then, you don't have to worry about when any ERC period ends on the current mortgage.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

101Posts Today

1,843Users online

Martin's Twitter