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how is a mortgage paid?

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brettcooper1
brettcooper1 Posts: 58 Forumite
Ninth Anniversary 10 Posts Combo Breaker
in Mortgages & endowments
Hi all was hoping somebody could help.
Could somebody tell me how you receieve your money from a mortgage company if you re-mortgage a house you own? Obviously the money doesn't need to go to a solicitor etc.
Is it commonly paid by cheque or bank transfer?
Thanks

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  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If a new lender you need solicitors and it will go to their account, then transfer to yours.

    If same lender it can go direct to your account by bank transfer
    I am a Mortgage Adviser
    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.
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