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Help....paying off mortgage
Snow_bunni
Posts: 4 Newbie
Hi guys,
After the great advice received last time I'm after a little bit more....
My husband has a property in his home town that he was living in when I met him. He moved out when we bought the house we currently live in and for a while the house was rented. It has been empty and on the market for the last year. He is currently serving in Afganistan and will be until December. I have a general power of attorney whilst he is away and last week accepted an offer on the property. There is an outstanding mortgage on it which is in year three of a five year fix with RBS. Obviously I need to pay the outstanding mortgage off and any early repayment charge, can someone explain to me in simple terms how this happens?! Do I wait until monies are paid by the buyer and then just take a cheque into RBS for the desired amount? Is it that simple?
Many thanks.....
After the great advice received last time I'm after a little bit more....
My husband has a property in his home town that he was living in when I met him. He moved out when we bought the house we currently live in and for a while the house was rented. It has been empty and on the market for the last year. He is currently serving in Afganistan and will be until December. I have a general power of attorney whilst he is away and last week accepted an offer on the property. There is an outstanding mortgage on it which is in year three of a five year fix with RBS. Obviously I need to pay the outstanding mortgage off and any early repayment charge, can someone explain to me in simple terms how this happens?! Do I wait until monies are paid by the buyer and then just take a cheque into RBS for the desired amount? Is it that simple?
Many thanks.....
0
Comments
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The purchase monies are paid to your solicitor by the purchaser's solicitor on completion day. He then repays any mortgages, paying on to you any residual funds.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
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That sounds simple enough! Thanks0
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