Paying off lump sum before remortgaging

Mike_22

Hi,

My current fixed rate mortgage is due to expire and I'm about to remortgage with a new bank but I want to make a lump sum payment prior to moving.

My question is how long do I allow from making the extra payment to my existing lender before starting my new mortgage so that the funds are cleared?

Thanks for any advice

Mike

kingstreet

Apply for the lower amount you need and pass the overpayment to the solicitor handling the transaction instead.

They can add together the overpayment and the new mortgage money and repay the old mortgage.