to worry about moving house at this point...

[TheEarlOfDoncaster1963]

Last minute worry about our mortgage really - we've exchanged contracts so should be heaving a sigh of relief, but have realised that we've applied for, and been given approval to borrow, more money than we actually need to pay off our mortgage and equity loan. DH overestimated what our debts were and when we worked it all out, we'll actually have about £10,000 extra (which is obviously fine and we need stuff like a new fridge freezer and mattress etc anyway so that will take care of a bit of it!). Will that cause a problem on completion day? I'm guessing someone would've spotted it by now if it was going to be an issue, but am just having last minute jitters that something will go wrong at the last minute and that our lender will put a spanner in the works!

Sorry - bit of a boring AIBU but hoping someone who knows something about mortgages will pipe up! I think this house move was in the balance for so long that now it's definite my brain is thinking of things to fret about... .

The only case for concern would be that it will affect your loan to value. For the sake of ease, let's say your new house is £100k and your mortgage is £75k. You'd be entitled to certain deals/ mortgage rates based on having £25k equity. If your mortgage should have actually been £65k and you could have paid that extra £10k down as cash on the house, the chances are you would be entitled to better rates/deals as your loan to value is smaller.

It's quite common for people to lump a bit more on the mortgage to kit out new houses, or even remortgage during the term for home improvements. So nothing wrong there, unless you've given your mortgage company incorrect information, in which case, you may need to let them know of the mistake.

Thanks for your reply! We made sure that the amount we're borrowing isn't over 75%, to get the better rate, so that shouldn't be a problem. I've just had a nagging worry that on completion day they'll realise we're borrowing more than the cost of the house and the mortgage redemption... am sure it'll be fine, just got a whirring brain now!

We gave our solicitor the mortgage redemption account numbers, and the balances, so presumably he's checking stuff too.