Mortgage Increase with Switch

[Enthrope]

I have just switched my mortgage from BOI to UB. My mortgage with BOI was just over €140 000, but now that its been switched to UB it is €141 400. I would have assumed when switching mortgage the solicitor would draw down the exact amount to clear it, so I would end up owing UB exactly the same amount as with BOI. Could someone tell me is the normal, or has my solicitor mixed up his figures and drawn down too much?
Thanks

 

[Boyd]

I dont think he can draw down "too much" as a mortgage is for an agreed amount. He will draw down what was agreed to be drawn down i.e. the amount you asked to borrow from Ulster, lets call it X. The moment the switch is complete, you should owe exactly this X amount. How much was that? (it should be on every form you have). It must be more than E140K for sure as the solicitor will also take his fees from this, returning you the balance.

e.g.
Outstanding BOI E140,200
Requested borrow UB E143,000
Solicitor fees E1200
Solicitor clears BOI mortgage and takes his fees from your UB borrowing and balance is returned to you by solicitor 143,000 - 140,200 - 1200 = 1600
Owed to UB E143, 000 (it could be E143,100 as interest adds up quickly!)

 

[TheJackal]

I switched last year and just over 2K was added to my mortgage balance, to allow for accruing interest and any other fees arising.

My old bank refunded me the balance after a few days (what they were owed less what new lender paid them). I then overpaid this amount immediately to reduce the balance.