Re-mortgage excess?

ravergirl1992

Hi all,

Have just sorted my re-mortgage so my existing deal will end on 31st December and my new one with new lender starts on 1st January.

We used the current balance when we visited our broker and therefore new lender has provided a mortgage offer for the amount that is currently outstanding. As it is another two months until we swap over will the amount be adjusted prior to the new deal starting to reflect the new outstanding balance or will there be excess? If there is excess what happens to it?

Any help greatly appreciated!

Thrugelmir

The balance after settlement of all costs and fees relating to the transaction will be refunded to you on completion.

Your mortgage offer remains unchanged.

butterflybook

Any remaining will come to you following completion

LRmortgage

I agree with the above replies, Unless the remortgage is with HSBC, if it is they will pay out the exact amount owed on the redemption statement of the old lender to your solicitor.

Your offer and monthly payment will be adjusted to this figure.