avoiding fee to pay at 25 year end of mortgage

itsmeagainagain

Hi
My endowment mortgage (25 years) has now ended and i have the endowment payout in my current account.

The Abbey/santander mortgage people want £99 off me to close it all down and notify the land registry and then send me the deeds.

Do i have to pay this fee? it seems a bit mean considering i have been a customer for so long. I am told a solicitor can do this work.
He will probably charge me more than doing it in house with santander.

Can i avoid this cost in any way?
Many thanks
Tom

dimbo61

Well if you read the mortgage paperwork that came with the mortgage if you still have it ?
It will say what the exit fee is at the end of the mortgage

kingstreet

itsmeagainagain wrote: »

I am told a solicitor can do this work.
He will probably charge me more than doing it in house with santander

So the alternative is more expensive?

Unfortunately, you cannot avoid paying the fee. If it had been increased to £299 over the years, you'd have grounds to have it returned to the figure you were told at the outset. As it appears to be that figure, there's nothing you can do.

itsmeagainagain

Thanks for the 2 replys.
i found the original mortgage documents and it looks like an £80 fee i will phone tues and make sure.
Thanks again

Wh05apk

£80 with inflation, would probably be way over the £99 now payable, they are allowed to increase the fee reasonably, but not at they did a few years ago from about £50-£300 over a short period.

Mrs_Z

Or you could just keep the mortgage and leave a balance of £1 outstanding....

Thrugelmir

Mrs_Z wrote: »

Or you could just keep the mortgage and leave a balance of £1 outstanding....

and the fee will keep on rising........ As one day the property will be sold or transferred.

maninthestreet

Mrs_Z wrote: »

Or you could just keep the mortgage and leave a balance of £1 outstanding....

The OP has stated that their mortage has reached the end of its 25 year term.

itsmeagainagain

Thank you all for the help.
I paid it off today and the exit/close down fee was £99 got a today setlement figure from the mortgage dept by phone inc £99 and went to santandar branch with a fat cheque and it was all very straight forward.

The endowment paid me out £15,000 odd and the settlement was £10,642 + the £99 fee.
So i am a happy bunny with money spare to put into this years isa.
Happy days as jamie would say.
:j