Making the last mortgage payment, how to do it?

tuggy

Hello,

I'm in the fantastic position of my years of overpayments having had an effect
I'm now down to £5,000 on my mortgage which I will be paying off hopefully next week as I'm expecting some money in.

So my question is, what do I need to do? my normal mortgage payment comes out on the 1st of the month automatically, and is £1,700

if I clear this remaining £5k, do I need to phone the bank? Will they still have a direct debit set up for the £1750 on March 1st even though there is no loan left? My other thought was maybe i'll clear the £5,000 and it will say £0 on the online banking, but on March 1st some interest might arrive in (interest only shows on 1st of month for previous month) and I wont really have cleared it off at all!

Also do I now get the deeds to my flat that they're holding? Maybe I'm over thinking it but this has never happened to me before

Do I phone the bank, or not? Don't want to appear TOO stupid and clueless if/when I phone. Just want RID of the bloody mortgage! :beer:

Thanks

mdr86

Hmm, I don't know anything about mortages in particular so this may be completely useless. In which case just treat this as a 'bump' post
How about doing the final transfer over the phone rather than on online banking, and make it clear that you want to transfer the correct amount to close the mortgage for good?
Also, congratulations on (very very nearly) having paid off your mortgage

bebewoo

If you phone them up they can give you a final closing balance.

Not all of the banks keep deeds any more, (mine sent mine back years ago) but your details will be updated on the Land Registry and you should get a letter about this.

Incyder

Best place to keep your deeds is with your will, in the vault, at a local solicitor's.

Pop open a bottle of Margaux 1953, and relax.

laurel7172

Yes. my solicitor doesn't charge for deed storage.

Presumably they hope it's an easy way to new business when you sell...

SJ1

Just phone and discuss with them, they should be able to work out what you have to pay if the money for the 1 March can't be cancelled. I really doubt this, I think they will give you a closing balance, you will transfer the money and then they will cancel the DD and check with them that they have done that and then ask them to confirm in writing. If you are really neurotic (that's me) then go into your online banking and cancel the DD from that end to so that the bank can't 'call' the money even if they make a mistake and request it.

Make sure you keep the deeds somewhere safe - solicitors in a safe is a very good idea.

Champagne all round then - I am at the start of this journey!!

SJ

pawlala

Incyder wrote: »

Pop open a bottle of Margaux 1953, and relax.

Does that not require a new mortgage?

Incyder

pawlala wrote: »

Does that not require a new mortgage?

:rotfl:maybe.

I am no wine buff, prefering the subtle aromas of a co-op Espana 2011 at £3.29
At 13% proof its a cheap headache, not to be sniffed at.

tuggy

Thank you everyone! Will give them a phone then when I'm in a position to clear that last little bit. Very exciting, and I know that you will all be there soon too!