Settlement figure for Secured Loan

juls33

Hi, I wonder if anyone can help. We asked for a settlement statement for our secured loan, which we hope to pay off at the end of the month. Received the letter on Saturday telling us the amount.

On the first line of the letter it says -

"When the above account is repaid we will, however, still have a mortgage over your property and there are costs to be paid to have this removed".

When we took the loan out we asked about paying it off early, as this was probably going to be an option for us. And this was never mentioned to us. Is this a standard thing? And how can they still have a mortgage on our house, if the loan is cleared?

Thanks.

sazziecee

Is the secured loan with your original mortgage company?

standupguy

It sounds like there will be a cost to have the charge lifted off your title deeds at land registry.

Give them a ring and ask them how much and what are the other charges related to specifically.

Then compare that to the documentation you were given at the start of the loan.

juls33

Thanks. It isn't with my mortgage company. It is with Beneficial Finance.

I will give them a phone later on this afternoon (at work just now).