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Mortgage Final Payment????
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I thought you paid the mortgage, whatever fees and that would be it. Shows how much I know!0
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You have checked that friend has a repayment mortgage? If it is an interest only mortgage then the final payment will be massive!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I thought you paid the mortgage, whatever fees and that would be it. Shows how much I know!
The mortgage deed or charge is the security of the property taken against the loan. As in a first charge, second charge etc.
When you get to the end of the mortgage term, the lender has to tell the Land Registry that the charge should now be lifted from the register to show there is no remaining debt to be secured over the property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »The mortgage deed or charge is the security of the property taken against the loan. As in a first charge, second charge etc.
When you get to the end of the mortgage term, the lender has to tell the Land Registry that the charge should now be lifted from the register to show there is no remaining debt to be secured over the property.
Easily knowing I have never had a mortgage! :eek:
:rotfl: 0 -
The final fee was £50 after interest was added apparently!0
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