What happens when loan is more than outstanding balance?

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martyp Posts: 1,047 Forumite

18 May 2019 at 1:34PM in Mortgages & endowments

Hi all,

Just a quick one, my conveyancer did explain this to me a bit but I missed some of it due to bad phone reception at the time.

When you do a remortgage and the new lender offers X amount then at the time it completes the outstanding balance with the existing lender is less than that amount what happens?

I think they said it would be reimbursed but only up to a certain amount difference?

Can anyone confirm how that bit works please?

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What happens when loan is more than outstanding balance?

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