remortgaging question from a noob

ryantcb

In my mortgage paperwork it say thats the total amount I will pay back at the end of my term on a £235,000 loan is £400,860 (banks do alright dont they :beer:)
Question if after say 3 years I decide to remortgae do I remortgae on the total loan so will need £400,860 or just whats left owing on the original 235,000 and what ever that months interest is?

kingstreet

What's left of what you originally borrowed, plus any discharge or "final" fee, if remortgaging out of any early repayment penalty period.

ryantcb

kingstreet wrote: »

What's left of what you originally borrowed, plus any discharge or "final" fee, if remortgaging out of any early repayment penalty period.

Thank you for that

Thrugelmir

ryantcb wrote: »

(banks do alright dont they :beer:)

Banks don't have to. Careful money management and some overpayments, particularly in the early years, can make a significant reduction in the in the interest charge. So onus is on you , the borrower to decide what your priorities are. :beer:

bigadaj

OP in all probability it will be signficantly more as the amount is based on current record low rates, more normal rates of 5-10% will come back a some stage so the total repayment could end up a half a million or more. Maybe a real incentive to overpay and clear.