Calculate Loan Amount for Remortgaging

jedeye

Hi, sorry if I'm being silly but could someone tell me how to calculate or obtain the loan amount required when applying to remortgage.

I received a statement dated 31 Dec 2006 from Chelsea BS saying I have got 110,432 pounds left on my mortgage. My 2 year fixed deal ends on March 31st and I want to move to ING Direct mortgages.

When the ING application asks for "loan amount" required, how do I know what this will be? Please tell me if the answer is "ask Chelsea"!!

Regards,

jedeye

jellymid

Try ringing the Chelsea and asking for a forecast, you never know, they might just come up with a better offer!

jedeye

Thanks jellymid.

I reviewed my 'statement of charges' by Chelsea and one of the charges is for a Redemption Statement (£25). Doing a google search on this terms brought me to the Woolwich website:

"What is a redemption statement?
If you are considering paying off your mortgage and would like to understand how much you owe, we can provide you with a redemption statement (please note that a charge may apply). This will give you a total figure (including interest) for the repayment of your mortgage as a given date, including interest and any early repayment charges that are due."

As my 2 year fixed ends on the 31st March (and repayment charges are due b4 this date) do I ask for a 'redemption statement for the 1st April (no joke hopefully!) and that my new mortgage provider pay this off on the 1st April?

Regards,

jedeye

jellymid

I would still ring them up and act dumb. They might just give you a verbal figure rather than a written statement. Be very careful and check which date you can redeem on without paying charges - if you get it wrong by one day you might end up paying interest charges for the whole of April. Good luck