Mortgage Settlement vs Balance

cpnmlw

Just a quick question regarding the above please.

In the process of selling the house (early stages) and intend to use the equity to pay off debt.

My personal loan balance is £8500 and Settlement is £7320 approx due to interest.

Might sound like a daft question (first time selling a house and a little unsure on the following) BUT would the same apply to the mortgage?

Balance around £103000 variable I/Rate 4.95% and 20 years remaining. Would i expect to pay a tad less When i settle when house is sold? Ill be ringing BOS tomorrow to ask about early settlement figure.

Thanks

ACG

Its unlikely though as most charge interest daily. But will depend on any payments made between when you check and when you redeem.

If anything the redemption figure will usually be a little higher than the balance as you will have to pay a deeds release fee.

Thrugelmir

cpnmlw wrote: »

Balance around £103000 variable I/Rate 4.95% and 20 years remaining. Would i expect to pay a tad less When i settle when house is sold? Ill be ringing BOS tomorrow to ask about early settlement figure.

Not the way mortgages work. Interest is calculated in arrears. There's no discount for early settlement I'm afraid to say.

cpnmlw

No problem.

Thanks guys