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Mortage question completion date set
Rossplymouth
Posts: 14 Forumite
Hi guys just had confirmation about my remortgage completion date and at the bottom it says
Balance due on completion to borrowers ( the amount)
Can anyone tell me what this means please.
Balance due on completion to borrowers ( the amount)
Can anyone tell me what this means please.
0
Comments
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Sounds as there's excess funds to be repaid to yourselves upon completion.0
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That is how I read the letter to say but it seems a lot.0
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You need to work out how much you applied to borrow, how much you owe the current lender inc interest from last payment, redemption fee and any early repayment charges.
If the figure looks too big, it probably is so stick the excess on one side just in case the lender or solicitor have got it wrong.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Rossplymouth wrote: »That is how I read the letter to say but it seems a lot.
You should check the figures provided. Ensure there's no ommissions. Did you apply to borrow more money than the amount owed on the current mortgage.0 -
Well I'm in a shared ownership house and the mortage process has taken 4-5 months my current mortgage left and the amount of the extra shares I have bought add up to over £6000 less then the mortage amount.
The new mortage amount is 81k
Add my current mortgage and the cost of the new shares is over 6k less then the 81k0
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