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Stupid question re. remortgaging

(4 Posts)
ThomasRichard Sat 13-Feb-16 20:57:29

I'm switching my mortgage to another bank and my solicitor wrote to ask the existing bank for the balance back in December. By the time the remortgage goes through I will have paid 2-3 extra payments. What happens to them? Is that 'free money' for my existing bank?

everyonesmom Sat 13-Feb-16 21:03:36

Don't worry on the day you redeem your existing mortgage the mortgage company will give your solicitor that day's balance and that is the amount the solicitor will pay, if you have remortgaged for a higher amount so you release funds you will get the balance. If by any small chance your solicitor pays the balance he received in December the mortgage company will send you a refund cheque.

busyboysmum Sat 13-Feb-16 21:04:02

No. Your solicitor won't draw down the money for your new mortgage until she has a settlement figure for your existing mortgage. It's all done simultaneously.

ThomasRichard Sat 13-Feb-16 21:07:11

Brilliant, thankyou. It's such a daft question that I didn't really want to ask my solicitor but at the same I didn't know if I was going to be out of pocket.

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