Remortgage Help Please!

snapyou

My interest only mortgage with the Halifax has only 4 years left of a 23 year term.The mortgage is for £26,000

IF i change to another mortgage provider , how do i pay the Halifax?

Does it mean that with my new provider, i would have to pay £26,000 over four years?

Sorry,really confused by all this .
Thanks in advance !

lewyboy

Your solicitor will repay your current lender from the funds that the new lender send when the mortgage completes (it may be possible to use the new lenders legals either cut price or free)

You choose your mortgage term age,time to retirement etc.

lolarentt

We've just terminated a 20 year interest only mortgage with HSBC (after 4 years), and switched to a new 20 year with ING. ING did all the work (on line, with just a couple of calls to us) and they paid off the HSBC loan direct. Also we wanted to reduce the amount this time so we sent the extra to ING who paid the full amount to HSBC (the amount of the new loan + the balance we were making up)