Quick question about remortgaging with additional payment

hiphopopotamus

Hi all,

I've got a fixed rate mortgage that expires 30th April.

I'd like to move to a different provider, but also make an additional lump-sum payment of 50k.

I'm just wondering the easiest/cheapest way to do that and if it's a normal request to make when remortgaging.

I could make the overpayment against the current mortgage during April, as early repayment fees are waved during the last month, then remortgage then, but I don't want to miss out on a really good rate.

I know speaking with the new provider will be the best way to get a definitive answer, but it's a case of requesting a meeting in branch and waiting for them to organise it, which again makes me worry about missing out on the new rate, so I thought I'd ask here for any pointers.

Cheers!

kingstreet

Hand the money to the solicitor handling the remortgage a few days before.

They can then add this to the remortgage funds and use the total to repay the existing mortgage on 1 May.

hiphopopotamus

Do I need a solicitor? I thought it was just a case of filling in the form online for moving to a new provider.

kingstreet

Nope. A conveyancer will receive the funds from the new lender, repay the old lender and release the old charge and register the new charge at the Land Registry.

hiphopopotamus

Grand, thanks for pointing that out. It does look like the new provider will cover legal costs, but I'll double check all that when it comes to applying.

kingstreet

Some offer free legals, other a cashback on completion.

The latter would usually mean better service and more control over the process when compared to a conveyancing warehouse used by a lender.

dimbo61

Have you looked at deals with your existing lender ?
With you paying £50,000 off the debt is it really worth moving lenders ?
The costs and hassle of changing lenders and going through the mortgage process can be exhausting.