Switching providers - outstanding amount

*noodles*

I’m a little confused about the processes surrounding how banks know the exact amount you need when you are switching providers

My fixed rate runs out in June and I’m in the process of switching mortgage lenders from Halifax to Woolwich I overpay and will have my mortgage down to 117,000 by June.

My mortgage is currently 120,700 - When will Woolwich request the mortgage amount from Halifax? I don’t want them to get the figure of 120,700. I told the lady in Woolwich we only needed 117,000 and she mentioned something about Halifax and a final settlement statement…..When will Halifax produce this document ?

Any help welcomed!!

sarkin

The solicitor will ask for a redemption statement from the old lender, when they get this they then ask to transfer funds. Always best to have a little bit over as you do not want to be short on completion.

*noodles*

Thanks the response - do you know when they request this - will it be in the next couple of weeks as they process my application or will it be closer to when my exsisting deal ends in June?