Mortgage transfer

MDL74

I'm about to transfer my mortgage between banks and have co-ordinated this through a mortgage broker (famous national one, no fees payable by me)

Our discussion was that the early redemption charge would be added to the mortgage and i would separately pay the arrangement fee so the new mortgage would equal the redemption of the old mortgage on an agreed date.

The new lender's offer has come through and it is almost £3k OVER the redemption value which INCLUDES the ERC and also the arrangement fee! My mortgage is going up!! when i'm working to bring it down.

What i'd like to know is if this is an issue? I've had no contact with the new lender and the solicitor and the broker both say it's the other ones responsibility - it's the second time i've asked them to get it right.

If i just 'overpay' the £3k excess plus the arrangement fee into the new mortgage after it gets transferred will this penalise me in any way?

I can overpay by 10% pa so this isn't a problem

Thanks - also v peed off with the broker who didn't follow my request, not sure what the point of the detailed discussions with him were...

kingstreet

It's normal to adjust the mortgage amount when the redemption figure is known; or simply to pay off a lump sum after completion within your ERC allowance as you have mentioned.