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newbie question about remortgage

daxu
daxu Posts: 188 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Hello,
I am moving my mortgage to Ing direct. But suddenly I have a question just pop up my head.

When I applied for remortgage, I don't really know the exact number of the loan I needed but I can remember it should be around 90000£, so I filled 90000£ in. The requestion is what if I only owe 89000£ in the mortgage? Where will that extra 1000£ go?

Thanks

Jerry

Comments

  • JoeK_3
    JoeK_3 Posts: 1,374 Forumite
    daxu wrote: »
    Hello,
    I am moving my mortgage to Ing direct. But suddenly I have a question just pop up my head.

    When I applied for remortgage, I don't really know the exact number of the loan I needed but I can remember it should be around 90000£, so I filled 90000£ in. The requestion is what if I only owe 89000£ in the mortgage? Where will that extra 1000£ go?

    Thanks

    Jerry

    You should obtain a redemption figure from your exiting mortgage provider as soon as possible. Once you have this figure and you have received an offer from ING, compare the two figures.

    You can request that ING change their offer figure to the same as the redemption figure obtained.

    JoeK
    I am an Independent Financial Adviser.
    Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.
  • ---lee---
    ---lee--- Posts: 921 Forumite
    daxu wrote: »
    Where will that extra 1000£ go?

    It will be paid to you when you complete. You could then use it as an overpayment on your mortgage or do whatever you like with it.
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