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Requested mortgage loan V redemption amount

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Requested mortgage loan V redemption amount

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I'm about to remortgage to another provider and have a query.
I requested a loan amount on my mortgage application which is now roughly £1000 higher than what my current mortgage redemption will be come completion day. 

My question is will this 'extra' money be paid to my bank (effectively increasing my mortgage) or will the loan be adjusted down to the redemption amount? 

I like to think I understand mortgages but this one has been niggling me.

MFW 2021 #96 £150/£3000


  • ThrugelmirThrugelmir Forumite
    81.3K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Once your old mortgage is settled and your solicitor has accounted for any costs and disbursements. Then any excess funds remaining will be paid over to yourself. 
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • savings37savings37 Forumite
    21 posts
    10 Posts First Anniversary
    Thankyou, that has cleared that up.

    I'm glad I didn't make an extra overpayment this week in that case
    MFW 2021 #96 £150/£3000
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