Remortgaging for less?

[Useranon1]

Can anyone explain to me how I can remortgage for less money? I currently owe £100k on my mortgage which is about to come out of its fixed term. I want to remortgage, probably with another bank, for £80,000K as I have enough savings to do so. I can't overpay while I'm in my fixed term, so can I just take out a smaller mortgage when I move it then repay somehow?

I also want to reduce the term is possible as my salary has doubled since taking it out, so may payments could be much higher. But when I do calculators/start online applications to remortgage its all based on my current term?

Any advice?!

Make an overpayment of £20k once you are out of the fixed term and then look to remortgage on the new amount?

Might be worth asking a mortgage broker for some advice?

Yes you can do this. The solicitor handling the remortgage will take the 20k from you and the 80k from the new mortgage and use the total to pay off the old mortgage.

You need a solicitor to remortgage?!

You won't need a solicitor.I would speak to both your mortgage company and prospective mortgage company about how it would work - but it won't be difficult. My mortgage is with first direct and I've called a few times to ask various questions and they're very friendly and helpful!

I would speak to a mortgage broker. We remortgaged, same amount but shorter term. They found us a deal with lower monthly payments than our old fixed term, but we asked to keep the monthly payments the same and reduce the term.

You do need a solicitor yes, but use a broker (or moneysupermarket) and lots of deals will include legal fees if you use the lenders solicitor - which they arrange. Just look for deals based on the £80k. Once you've decided on one they will sort out how to transfer the £20k you have.

I needed a solicitor to remortgage when I switched providers to ensure the correct charges were removed and the placed on the priority and to arrange the repayment if fund from one provider to another. when I remortgaged with same provider at the end of a fixed term deal I didn't .

I used L&C as a broker (they were good)... but the solicitor provided by the mortgage company was appalling .. although free they took so long to do anything and required so much chasing and complaining it was really stressful - so beware 'free' may mean shitty service

However you can easily arrange the new mortgage for the amount you want and as PP said the solicitor will arrange the repayment on your existing mortgage through a mix of new provider and your own funds. you can reduce e your lenght of new mortgage subject to affordability checks.

If you change bank then you will need a solicitor but the fees are generally paid by the bank you are remortgaging to