Remortgage help

anni999

Our current fixed rate deal ends on 3rd March. I am currently pregnant and we are keen to start the remortgaging process before we start spending money on all the baby items we need and a new car.

I have just phoned Santander for a settlement figure for 4th March but they have said they are unable to give figures that far in advance. :mad:

They can only do 30 days in advance so gave me a figure for 1st February. The figure given was £189,695.90. This in itself confuses me. We have our mortgage balance displayed on our internet banking which is showing at £182,361.73. The early repayment charge according to our last mortgage statement is £5612.91. But even with that added on, the figure given by Santander is £1721.26 more. Can anyone enlighten me to why this is?

My second question is, if we want to start our application with the new bank today. Could we just use the figure on our internet banking? By the time the mortgage goes through, we will owe even less than this figure so we would have a bit extra. The mortgage allows overpayments so we could pay that off straight away to avoid interest? Or do we wait to apply from 30 days before?

Any help for a novice would be much appreciated!!

ACG

They can not give you the figure now as interest is charged daily, there are another 2 payments due between now and then so they will not commit so far in advance because you know what will happen is they will give youa figure, it will be 24p out and someone will be on th ephone saying you said...... and complain.

Im assuming you have not taken in to account the deeds release fee/exit fee - typically around £100?

Also im assuming interest is charged on a daily basis? So the figure given today will be different to the figure tomorrow, so again trying to get an exact figure at this stage is very difficult.

You can apply now and use whatever figure you want, if you apply for too little you will need to stump up the dfference, if you apply for too much the extra will get paid to you and you can either keep hold of it or pay it back to the lender (by way of an overpayment).

Mummyto4kids

When I settled my mortgage last month the figure was £1300 higher than the figure on my credit report - its because of daily interest and then any mortgage exit and deed release fees. But if you are doing a mortgage application then round the mortgage up - eg mine on my credit report said £107k but I said approx. £108k on the application form because I knew it would be more - the broker said that was fine as they don't expect an exact figure