Pay of mortgage or reduce it to £100??

GO0SE

Hello, my first post (hopeing it goes well)

I have a mortgage on a fixed rate ending at the end of next month and was all set to pay of my mortgage pay the security release fee (£220) and receive the Deeds to my propoerty.

I will point out here I intend moving house next year to somthing bigger.

My question is if instead of paying off all my mortgage on my current property could I reduce the outstanding debt at the end of the fixed rate to say £100 (can it go this low?) therefore not having to pay the security release fee or having to arrange for a solicitor to look after my deeds for the six months or so until I sell the property?

Any thought or advice would be much appreciated

Thanks

djbd1973

GO0SE wrote: »

Hello, my first post (hopeing it goes well)

I have a mortgage on a fixed rate ending at the end of next month and was all set to pay of my mortgage pay the security release fee (£220) and receive the Deeds to my propoerty.

I will point out here I intend moving house next year to somthing bigger.

My question is if instead of paying off all my mortgage on my current property could I reduce the outstanding debt at the end of the fixed rate to say £100 (can it go this low?) therefore not having to pay the security release fee or having to arrange for a solicitor to look after my deeds for the six months or so until I sell the property?

Any thought or advice would be much appreciated

Thanks

There is going to be paperwork and solicitors costs somewhere along the line. You would need to get costings for each course of action I would say and look into the small print of your current mortgage. Best speak to a professional I would say.

Kaz2904

You don't need to pay a solicitor to store your deeds as they are now stored electronically at the land registry. If you do get your paper deeds then you have no obligation to pass them to anyone.
Keeping a balnce on your account will cost you money in interest each month and won't actually save you any money with solicitors but you don't need a solicitor to do the final transfer of deeds. All you need is a form from the land registry to be filled in by the lender.
Hope this helps.