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Paying off my mortgage
von
Posts: 541 Forumite
My Mum has given me some money to pay off my mortgage, there wasn't much left to pay as we've been paying it for 23 years. I assume I make an appointment with the Lender and just give them a cheque. Are there any pitfalls that I need to know about?
Also, I assume they have the deeds, what happens to these i.e. do I leave some money outstanding so that they'll keep them for me?
Will be grateful for any help.
Also, I assume they have the deeds, what happens to these i.e. do I leave some money outstanding so that they'll keep them for me?
Will be grateful for any help.
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Comments
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i wish i could pay my mortgage off...well done...0
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I dont think that you have deeds anymore, I'm sure they're all held electronically. Go onto the MFW board, lots of peeps on there who are in your position who could give you advice."I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0
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My Mum has given me some money to pay off my mortgage, there wasn't much left to pay as we've been paying it for 23 years. I assume I make an appointment with the Lender and just give them a cheque. Are there any pitfalls that I need to know about?
Also, I assume they have the deeds, what happens to these i.e. do I leave some money outstanding so that they'll keep them for me?
Will be grateful for any help.
They probably do and will be only too pleased to give them back to you. We bought our current home 3 years ago and we were given the deeds etc straight away by our solicitor( and very interesting they are as well) because the property is registered at the Land Registry.
As for paying it off it shouldn't be anymore than the cheque writing you anticipate and a confirmation that your lender has removed their charge from your property.0 -
You need to ask your lender for a redemption statement to get the amount that's outstanding I think.
Very few lenders hold onto deeds now it seems.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
My deeds were always kept at my solicitors for safe keeping.0
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