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Redemption Figure Difference...?
billa_champion
Posts: 226 Forumite
Hi all
I wonder if anyone can help. I applied for a remortgage with the Woolwich inDecember for £186,500 because I wasn’t 100% sure what the redemption figurewould be. Now A&L/Santander have confirmed that it is in fact £185,550.What happens to the extra £950 that I have borrowed from the Woolwich? Does itcome to me and I can just pay it back immediately? Or will A&L/Santanderreceive it and then I have to pay it back?
Thank
Bill A
0
Comments
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Your conveyancer should forward you any excess amounts if there is surplus left over after redeeming your current mortgage.
Then it is up to you to either make an over payment to the Woolwich or keep.0 -
Any excess funds will be paid to you by the solicitor handling the transaction. Should you wish to pay it off the new mortgage, you need to be careful of any early repayment penalties.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.0
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Thanks for your response guys! I was confused because when I asked the solicitors they said I would need to reapply for a new mortgage now that I have the correct figure!! I was :eek:. I better ring them again and clarify this! I'm getting worried now about their ability to see this through to the end!0
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