closing mortgage account

wheelz

I'm about to pay off my mortgage. Is there anything to it or its it just a case of paying it all off. Then wait for a confirmation? Is there a good way to make final payments or does it not matter?

Goldiegirl

Pick a date you'd like to repay the mortgage in full, and ask the lender for a redemption statement for that day. They'll send you a letter giving the full amount to close the mortgage on that date, including any fees that are applicable.

On that date, you could go into the branch to tell them you want to close the mortgage. You could give them a cheque for the full amount. Or you could ask them to transfer the money from another account you hold with them. Or you could send them a faster payment or Chaps payment - if you do that, it's a good idea to write or phone so that know to close the account. Or you could post a cheque to them.

They'll then go through the formalities to remove their Charge at the land registry, and will write to confirm in due course. If they still hold the title deeds, they'll probably ask if you want them sent to you.