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Mortgage switch

  • 02-09-2016 8:39pm
    #1
    pasquale83
    Registered Users Posts: 477 ✭✭


    Hello Folks,

    I am switching mortgage and I have a question.

    I have been approved for 168k that is the principal at the time of application 2 months ago.

    I am still paying (actually overpaying) thus the principal has reduced since then.

    I am just wondering what will happen now: the "old" bank will tell the "new" bank what is the outstanding balance and the "new" bank will lend me only what is needed? or what?

    Thanks!


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    If you received an approval for 168k that is what will be issued.


  • #3
    pasquale83
    Registered Users Posts: 477 ✭✭pasquale83


    Trish56 wrote: »
    If you received an approval for 168k that is what will be issued.

    OK so the additional money that are not needed to cover the principal, will they be given cash to me?


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Lender will issue funds to your Solicitor, Solicitor will clear mortgage, take their own fees and transfer balance to you.


  • #5
    pasquale83
    Registered Users Posts: 477 ✭✭pasquale83


    Trish56 wrote: »
    Lender will issue funds to your Solicitor, Solicitor will clear mortgage, take their own fees and transfer balance to you.

    Thanks Trish56 really appreciated


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