Remortgaging due & want to add lump sum

Widget1974

We are due to remortgage shortly but this time round we will be able to add £100k to bring the mortgage amount down. (this amount will halve our current mortgage payment so to us worth doing) At what point during the remortgage discussions would we need to have this money ready for? 

CSI_Yorkshire

When you settle the mortgage account that you are closing.

You take the new mortgage from the new lender for a smaller amount, and use the smaller amount + cash to pay off the old mortgage at the old lender.

Widget1974

We use a mortgage broker to do our remortgaging, when would they need this amount?

CSI_Yorkshire

In enough time to pay the settlement figure on the mortgage, so probably a couple of days before they need to do that.

penners324

Widget1974 said:

We use a mortgage broker to do our remortgaging, when would they need this amount?

The conveyancer needs that money not the broker

Widget1974

penners324 said:

Widget1974 said:

We use a mortgage broker to do our remortgaging, when would they need this amount?

The conveyancer needs that money not the broker

We don’t use a conveyancer when we remortgage. 

CSI_Yorkshire

Widget1974 said:

penners324 said:

Widget1974 said:

We use a mortgage broker to do our remortgaging, when would they need this amount?

The conveyancer needs that money not the broker

We don’t use a conveyancer when we remortgage. 

If you remortgage - as in move to another lender - there will be a conveyancer or solicitor of some sort acting on behalf of the new lender (and possibly the old one as well), even if that is in the background and hidden to you.

Or do you actually mean that you are doing a product transfer within the same lender - so not a remortgage at all?

penners324

If you're doing a product transfer then you pay direct to your mortgage company having agreed a lower amount of mortgage on the transfer 

foxy-stoat

The mortgage broker should not be receiving any money directly apart from their fee.