outstanding balance at time of application differs from when deal starts

moneysavinggirl40

When switching deal the outstanding mortgage amount at time of application is going to be more than the projected date the deal is going to start. For example i apply today, figure is x but in 2 months time when the deal starts it will obviously be x minus 2 monthly payments, do providers take this into considering when taking the monthly payments on new deal? happy to switch with projected date in april as suggest but between now and then i want to pay in a lump sum. have to wait until funds are ready. i don't want to miss out on this deal and want to do online switch but at same i time don't want calculations to be wrong just because i will be overpaying before the new deal starts. Would like to know your thoughts..

edinburgher

I would also be curious to see how this works. We've remortgaged for £108k (from April), but I suspect it will be more like £107k by then. Do they transfer the amount offered, or just the right amount to cover the residual debt?

moneysavinggirl40

Edinburgher, I'm just going to be changing deal but doing an overpayment b4 deal starts so not even remortgaging. Will you be asking your new provider what figure they are using at the start of your new deal? Surely it should be the lesser figure then you will have less interest to pay on the outstanding balance?