Mortgage Ending - Advice Please

1882

My Mother is pleased to find that her mortgage ends in a matter of weeks.

It seems she needs a solicitor for some reason which I can't fathom (Scottish law).

Also I hear that there will be some final charge from her bank (The Woolwich), not sure how much.

I've seen a suggestion that people shouldn't pay them off completely but leave a sum (£100 or thereabouts) outstanding, that way they keep the deeds and you're only charged a pittance in interest. My Mum wants to have it gone completely and doesn't see that option as being as good as gone.

What should she do?

Cheers

Mine'sAPintPlease

Here's an answer from a solicitor on Yahoo Answers:

If I were you, I would deposit the deeds with your solicitor, who should also have your Last Will and Testament... or alternatively open a deposit box at your bank and leave them in there, but do not forget to imform your solicitor where they are in the event of your death!
If they got lost it would be a pain in the **** to get them drawn up again, not impossible but a real pain!


So I would pay the mortgage off completely...I'm with the Woolwich and my mortgage finishes next year. I had the life of the mortgage reduced to a year, and so mine is just going to end without any final charge. I would check with them to see what the charge is for exactly (as I'm not expecting one, and certainly haven't been told of one).