Mortgage coming to an end

mapex

Hi my endowment mortgage is nealy finished i pay off
half in Oct this year then the other half in the next 2
years, hard to believe thats nealy 25 years over.
Well in Oct i have 2 policies up and i'm expecting a shortfall
but not expecting that much and i'm saving hard to
have some cash to cover the expect 2500 shortfall and i
know if i need to get a small loan then thats the way
of the world today.

My question is.......what do i or expect to happen come Oct
do i just wait till a letter drops through my door telling me
of the shortfall but my main question is what steps do
i need to take to prepare for the day to close half of my
deal....then in 2 years pay off the rest any good info on
finishing off your mortgage, papers deeds how much to close it ect.

Thanks

Mark

ermine

mapex wrote: »

My question is.......what do i or expect to happen come Oct
do i just wait till a letter drops through my door telling me
of the shortfall but my main question is what steps do
i need to take to prepare for the day to close half of my
deal....then in 2 years pay off the rest any good info on
finishing off your mortgage, papers deeds how much to close it ect.

Thanks

Mark

You do have to do something. Ask your mortgage company what the process is to settle up. I rang mine up and got them to give me a quote for how much to make the cheque out for. It changes day by day so if your cheque gets there late you might not clear it all, so I overpaid by about £100 to make sure - they sent me back a cheque for the difference. There may be other odds and sods such as a vacating fee/exit fee. If this is more than £100 ask them why it is more than when you signed up 25 years ago - check this site under the tab reclain £1000s.

They will send you a closing statement, and in due course a thick wodge of misc old paperwork will arrive, which is usually mildly interesting history. Keep it safe, you may need it if you sell/move, and check that there is also a statement that they have released their charge and signed ownership of your house to you on the Land Registry.

And congratulations - now no !!!!!! can kick you out of your house for not being able to pay the mortgage

Radiantsoul

Some people keep a bit outstanding so that the mortgage company holds their deeds for them.
When it is time to pay up call up the mortgage company and ask for a redemption figure on the given date.