Mortgage advice

Jeaniemc1

Hi all,

I'm about to draw down on my mortgage and want to make the process as seamless as possible.

Anyone have any advice?

Jean

Solicitor takes the money, pays for the house. Any excess is sent to you.

I don't know how it could be made any more complicated or easier?

moonlighting_1

so if you get a mortgage for 300k and buy a house for 250k the 50k gets sent to you as excess rather than getting a mortgage for 250k

moonlighting_1

moonlighting_1 wrote: »

so if you get a mortgage for 300k and buy a house for 250k the 50k gets sent to you as excess rather than getting a mortgage for 250k

Erm.. I dunno. I think if you get approval in principle for a mortgage, it's "up to" an amount.


So if you get approval for 300k, but buy a house for 200k, the mortgage they give you is just 200k.


But in the situation of you asking for anything extra (when I bought, I wanted 40k for renovations, for example), the solicitor got the full amount, paid for the house, took their fee, and sent me the remainder.


Not sure how common that is, but my house was cheap by general standards, so maybe that's why they didn't mind me fluffing the loan up a bit, with a request for more money to renovate.

peteb2

moonlighting_1 wrote:

so if you get a mortgage for 300k and buy a house for 250k the 50k gets sent to you as excess rather than getting a mortgage for 250k

No!