Apologies in advance if this is a stupid question!!
I am applying to port my mortgage, I won’t be borrowing any more, the loan amount will stay the same.
The bank did my offer letter a few months ago and I have paid off several monthly payments since then. But someone from the bank told me today that the amount I port is the higher amount at the time I did the offer letter, not the lower mortgage balance at the time of completion.
I am very confused now because this is effectively borrowing more money, as I have paid off a few thousand since then. For example, using round figures, the balance was £190k at the time of the application and is now £187k. So what happens to the £3k I have paid off? Does the bank keep it? As I thought it was a case of transferring the balance from one property straight to another.
Thanks in advance!