Final redemption figure

sunrise27_2

This may be a stupid question
I rang my mortgage company today to get an account balance which was £38208.13
But my final redemption figure was £40217.66
I'm a bit confused as to why its higher
The man said its because we're on a fixed rate with fees etc but I don't really know what he means.
If I paid off £15000 tomorrow how much would i need to take out when remortgaging ?

davidmcn

sunrise27 wrote: »

The man said its because we're on a fixed rate with fees etc but I don't really know what he means.

If you're on a fixed rate or other special deal then there are generally penalties if you pay off the mortgage early. The details will be in your mortgage offer. The amount they're quoting is almost certainly the correct figure you'll need to pay.

If I paid off £15000 tomorrow how much would i need to take out when remortgaging ?

£40217.66 minus £15000, I expect.

Thrugelmir

Will you benefit from remortgaging?

What's your existing product and how long does it have to run?

sunrise27_2

Our latest deal runs out on the 3rd November so I'm thinking our final figure if we wanted to pay it off would be the £ 38208.13 minus any payments we've made up until then ? As we wouldn't have any redemption fees etc to pay
Then we could pay off the £15000 and then take out a new fixed rate or whatever for the remaining balance ??

Thrugelmir

You should be able to make overpayments now. No need to wait.