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New mortgage question
Berniehurn
Posts: 5 Forumite
Hi, we've just received our mortgage offer for our new house which will be ready to move in to in 2 months hopefully. My question is, New mortgage amount is based on what we currently owe and the additional needed. As we will make a couple more repayments on our current mortgage this will reduce the amount currently owed, seeing as the total required will be less than the mortgage offer, does the bank reduce the mortgage or do we get the extra paid back once complete?
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Comments
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You'll have (more) money left over.
It will be accounted for in your solicitor's completion statement.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.1 -
If the funds held by your solicitor end up being more than needed for the purchase and solicitors fees/disbursements, you should receive the remainder.1
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