Remortgaging discrepancy cashback????

boznia

Sorry if this is a stupid basic question - I have searched for the advice and downloaded the pdf, but I cannot find an answer.

I am remortgaging for the very first time and changing lender. I am borrowing a new amount which is about £900 more than I have left with the 'old' lender. How do I go about retrieving this sum?? Does the money 'travel through' the bank account I have given them and leave the difference in my account? or do I have to apply for it?

Hope you can help,

Ben

silvercar

The solicitor handling the remortgage will sort it all for you. He will receive the new amount, pay off the old amount and transfer the remainder to you. As it is "only" £900 he will probably write you a cheque rather than arrange a bank transfer.

boznia

I am doing this through a financial advisor, would it work in the same way ( sorry for being such an inexperienced idiot! )

Ben

mightymouse

Hi boznia

I am a newbie but would mention that you need to make sure you know what all or any fees there are as you may not see the £900, I do not want to give bad info so if you need to talk to your solicitor.

financial_solution

boznia,

you need to speak to your financial advisor and ask him for a breakdown and make him explain the procedure. You seem to be very vague about the situation. The advisor owes it to you to put you in the picture/ I am a little concerned that as you are so vague the figures may not be quite as yo believe (ie) have you taken into account legal and associated fees or will these come out of your £800 or so.

Hope you get it sorted,

Regards,

Mark.

financial_solution

Sorry i mean the £900 not £800 you are due to receive (sorry got disturbed half way thru typing this post and when i came back i couldnt remember how much you are to get-dont i go on).

cheers,

mark