Mortgage Final Payment????

Jo4

Can anyone tell me what are the final payments on a mortgage with Santander? The mortgage is not mine. The person's mortgage is ending in January 2012 and they were wondering how much extra their final payment will be. Can anyone advise me or enlighten me how I would find out?

Joe_Bloggs

Can anyone advise me or enlighten me how I would find out?

Get the owner of the mortgage to ask Santander.

J_B.

kingstreet

It'll be the monthly payment, plus any deeds release or discharge fees confirmed at the start of the mortgage. The account holder needs to check their records or ask the lender.

Joe_Bloggs

@Kingstreet and all MSE readers
.
Paying off the mortgage is often a one time only event. I did a personal mortgage payment calculation which revealed that my last mortgage repayment would be less than a hundred pounds without any additional legal costs. I can't foresee any way of the lender varying the direct debit without notice and making me pay significantly more than I would normally. Am I too trusting.
J_B.

kingstreet

One of the purposes of the accrued interest payment at the outset of the mortgage is to ensure the closest the lender can get to equal monthly payments of capital & interest each month for the whole mortgage term.

I guess if that gets out of kilter at some point, it's possible the final monthly payment could be different. I would guess that the lender would probably make an adjustment at the issue of the last regular annual statement to collect the outstanding balance in twelve equal monthly payments. I am guessing here though.

I could be wrong about the collection of the deeds release/discharge fees. Once your mortgage balance is zero, the account may be closed with the payment of the fee(s) mentioned but it may be the account will simply be left open and the charge on the property remain until the fee is paid on a more ad-hoc basis.

We won't know until someone needs to ask their lender these questions. Jo4? You're being volunteered here. Ask your friend to ring, then post back and let us know.

Jo4

I forgot to post that the person telephoned Santander at the end of October and they were informed they would have to pay a £50 fee.

HTH!

kingstreet

Did they say what the fee covers? Is that simply an admin or "deeds release" fee? Is there any cost for having the charge removed?

Was there no final capital and interest payment?

Jo4

kingstreet wrote: »

Did they say what the fee covers? Is that simply an admin or "deeds release" fee? Is there any cost for having the charge removed?

Was there no final capital and interest payment?

The Santander representative said that the £50 covered all fees and the deeds being released. Sorry but I don't quite understand what you mean by "Is there any cost for having the charge removed?".

HTH or makes some sense!

kingstreet

There have been recent threads on here where the "deeds" are released but the lender wants the borrower to pay to have the charge lifted when the mortgage is repaid at the end of the term.

Don't worry about it. You're trying to do this third hand and that's always difficult.

Jo4

kingstreet wrote: »

There have been recent threads on here where the "deeds" are released but the lender wants the borrower to pay to have the charge lifted when the mortgage is repaid at the end of the term.

Don't worry about it. You're trying to do this third hand and that's always difficult.

I was actually with the person when they made the telephone call and they had the telephone on loud speaker so I could hear every word which was being said!

I don't have a clue about mortgages but what charge are they lifting?

kingstreet

The one which secures the loan on the property. The mortgage.