Remortgage Amount

ofrexil

Hi there. Any advice would be greatly appreciated.

Im due to remortgage for the 1st time. My current fixed rate ends this July.

I have contacted my current provider to try and obtain how much in total will be left on mortgage come the end of current deal.
They have told me they can not give me the actual amount until one month prior to deal ending.

Question is.. How do I know how much to apply for with a new provider? I want to start process now but feel a bit stuck due to this.

Any advice? Thanks.

RelievedSheff

There are several online calculators you can use where you out in your remaining amount, interest rate and time scale and it will work out a rough estimate of what you will have left to pay.

We added a little safety margin in of about £1k.

Edi81

Have you looked at the rates your current lender are offering? Who are you with?

Thrugelmir

Look at your mortgage statement and estimate the balance that will be left. Allow a margin for comfort. Any excess will paid to you on completion. You can then pay this back into your new mortgage account and reduce the balance owed. 

ofrexil

Thanks all. 
Terrible doing something for the first time

Currently with Progressive building soc.

Windofchange

I'm going through this at the moment but for April 1st. Our broker is handling things and put in the amount to borrow, so not got any particular advice, but as per the above it is probably best to ask for a bit more than you think you might need to add some contingency and then you can just pay it back onto the mortgage once completed. We have run up a hundred quid or so of extra costs as we needed a deed of trust renewing. 

housebuyer143

Can't you just call for a redemption statement and it will show this. Then minus off the proposed ERCs and you have the rough figure?