Mortgage Drawdown.

bscousegit

We're due to move house in May to live in rented accomodation for a short while. My solicitor has sent me what the cost will be to redeem our mortgage.
I'm planning to drawback about £4.5k in overpayments we've made in the next week or so.Apart from telling the solcitor that I intend to do this, is there anything else I should be doing?

Richard_Webster

If you are going to be completing the trsansaction shortly then your solicitor will have to wait to get a revised figure from your lender after you have drawn back the overpayments. If the overpayments have reduced the amount you wil lowe then that means on ocmpletion you roslicitor will have that much more to send to you so it will be a lot easier if you don't draw the money back.

bscousegit

Thanks Richard for the reply

We are planning to live in rented for 5 months and buy again - haven't seen anywhere we liked yet. As our mortgage is with the Nationwide you can still Port the original mortgage as long as you do it within 6 months of selling house.
The reason for drawing back our overpayments is that the total mortgage we owe will be bigger,and together with deposit monies this will allow us increased flexibility on house price - i.e. we will be able to pay slightly more.