Finishing off the motgage

devdas

Just wanted to find out something please. We have £23400 left over to pay towards our mortgage and wants to find out the procedure of closing it off.

I have some money matured in one of the investment funds and that could clear our mortgage debt and would be mortgage free..

Can I just walk in to the branch and give them the cheque. My bank is Natwest and mature fund is there too. So , I can walk in and ask the branch staff to close my mortgage and come out happy? or need to book an appointment to sort out this?

What about the title deeds and other procedures?

Thanks for the answer

Dev

seven-day-weekend

You need to get a settlement figure because the interest will have to be added on, plus any other fees if there are any. When you get it, it is only valid for a short time so you have to pay the mortgage off within that time. And yes, once you have the settlement figure it is as easy as giving them a cheque and coming out happy.

Title deeds are all now electronic and will be updated at the Land Registry.

We got nothing to say we had paid ours off other than the mortgage statement at the end of the year.

Goldiegirl

You don't even need to write out a cheque - the cashier can just transfer the funds from one account to another.

Or if you have Internet banking and both accounts are set up for Internet banking, you could just transfer the money yourself and write a letter to advise them that they need to close the mortgage account

edinburgher

You don't even need to write out a cheque - the cashier can just transfer the funds from one account to another.

I suspect that some things are probably more fun in person :beer:

seven-day-weekend

edinburgher wrote: »

I suspect that some things are probably more fun in person :beer:

It is nice handing the cheque over

But I agree that it can also be done by the cashier or by internet banking.

BarryBlue

edinburgher wrote: »

I suspect that some things are probably more fun in person :beer:

Definitely! We went into the branch of the building society where we had our mortgage. We signed a transfer form and it cleared while we were in there and we received a statement showing a zero balance on the account. Then we went and celebrated with a nice lunch.

It's a very liberating feeling to know that you own every brick of your house and don't owe anyone in the world a single penny. The deeds of the property were sent to us by courier a few days later and are now in the safe.

JimLad

BarryBlue wrote: »

The deeds of the property were sent to us by courier a few days later and are now in the safe.

I thought that they had got rid of paper deeds now and everything was electronic?

BarryBlue

JimLad wrote: »

I thought that they had got rid of paper deeds now and everything was electronic?

All the Land Registry stuff is done electronically now. There are still lots of items dating back to when your property was built and other miscellaneous documents such as original plans. I found it fascinating to sift through it all but it is probably not that vital these days as solicitors do the relevant searches when you come to sell.

devdas

Thank you all for the valuable information. I am going to do that soon.