We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can you move house but not pay off your mortgage?
whitesatin
Posts: 2,102 Forumite
We hope to sell/move in the next few months. We won't require a mortgage but still owe around £9,000 on our existing one.
My question is, do I have to pay off this mortgage for the deeds to be released, or can I just carry on paying the small required amount till it is paid off and (maybe) not have to pay the £500 early redemption charge?
I need to buy a car outright as we have been leasing from my husband's company. We get the opportunity to buy, it will probably be around £10,000 and this may be a cheaper way to finance it.
I am quite prepared for this to be deemed a daft idea!
My question is, do I have to pay off this mortgage for the deeds to be released, or can I just carry on paying the small required amount till it is paid off and (maybe) not have to pay the £500 early redemption charge?
I need to buy a car outright as we have been leasing from my husband's company. We get the opportunity to buy, it will probably be around £10,000 and this may be a cheaper way to finance it.
I am quite prepared for this to be deemed a daft idea!
0
Comments
-
If you are selling and won't be a homeowner, then the bank won't have anything to secure the secured home loan (mortgage) against, so no, you'll have to pay it off when you sell.0
-
This^^ ^^ ^^:D0
-
-
whitesatin wrote: »Sorry, but I don't understand you.
Pretty daft but he means same as post above his - must be trying to increase post count as he is short elsewhere.
As for your original question - can't believe you were serious.
MOMENT
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards