Remortgaging - How Does It Work?

RiaMac_2

Hi All

Would appreciate your help with this.

We have arranged a remortgage to cover the outstanding mortgage and credit cards, but can someone please tell me how the credit cards are paid off? I know this sounds really stupid but my understanding is that the old mortgage will be paid off, the solicitor will take his cut, the balance would be forwarded to us and we would have to clear off the cards ourselves. Is this right or does the new lender clear off the cards, send what's left to the solicitor who takes his dosh and the difference (if there is any) is sent to us?

Please help! Thought I had done the most confusing bit by organising the remortgage but this question has me pulling my hair out. Can't speak to the IFA who arranged it either as he's on his honeymoon and not back for another 2 weeks!

Thanks for your help

Ria

dimbo61

You will be sent a cheque which you can then pay into the bank and then pay the cards yourself.

RiaMac_2

Cheers Dimbo61. Thought that's what would happen, but OH was adamant that we would only get what was left after everything had been cleared. Will feel really rich for a few days until everything is paid - then I'll be back to being skint again lol. Thanks again.

:beer: