You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
If we remortgage for £100k but by the time it's completed we've paid another £3k to previous mortgage, does the new lender give you £100k or just the remaining value?
You have a completion date. If you requested £100k from your new provider and on the completion date you now only owe 97k the excess will be paid to you. There is usually a section I. The paper work where you have to fill in where and money goes.
Ace, cheers.
Are you wanting to basically get a loan on your loan or just transfer the balance?
Usually you arrange in advance so it transfers on x date in the future so there is no chance of an over payment to old lender
FunkyDuncFree Member
Are you wanting to basically get a loan on your loan or just transfer the balance?Usually you arrange in advance so it transfers on x date in the future so there is no chance of an over payment to old lender
We're doing it all ourselves and just realised we gave the new lender the current balance of the mortgage but we put a completion date of September so just wondered if this would be an issue or we could pocket the extra.