Outstanding mortgage figure

Middy123

Hi,

We're just about to apply for our mortgage online (HSBC) and wondered, what figure we put down for our outstanding mortgage. The next payment of £695 will go out on the 1st so do we put the higher or lower amount? Our current mortgage is with HSBC so they'll be able to see on our account the figure at the time it gets looked at by the underwriters I guess.

Thanks

JimmyTheWig

I would have said it should be the figure as at the day when you sign and date the form.

Verix

JimmyTheWig wrote: »

I would have said it should be the figure as at the day when you sign and date the form.

I'd second that.

AnotherJoe

Note, you cant just take £695 off your current outstanding mortgage as a fair part of that will be interest. You should be able to get a number from your current lender, but you can just approximate it if you've got a recent statement. Unless you are borrowing right on the bleedin' edge of affordability, it wont make any difference.

Middy123

AnotherJoe wrote: »

Note, you cant just take £695 off your current outstanding mortgage as a fair part of that will be interest. You should be able to get a number from your current lender, but you can just approximate it if you've got a recent statement. Unless you are borrowing right on the bleedin' edge of affordability, it wont make any difference.

Thanks. We can see on our online banking account how much is outstanding on the current borrowing but yes, I guess there will be interest to take into account so we'll put the higher figure in and it'll all work out fine in the end.

Middy123

Thanks all. Makes perfect sense. Will go with the higher figure as that is what it is today, on the day of application.

amnblog

It wont make any difference. The Bank will source the current figure automatically anyway.

You will be close enough.