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The time has come...!
harlequinnyc
Posts: 70 Forumite
The time has actually come for me to pay off my mortgage. My question is, and it's silly, I know but as I haven't done it before: do I just ring my mortgage company to get an up to the minute redemption figure, then can I just set up a payment myself with online banking, or should I actually go into a branch and have them do it for me? (as it is still a fairly substantial sum of money).
I did obtain a redemption statement, but as another payment is due soon (before I plan to pay it, the amount will be different, hence should I ring the day before I plan to pay?) which says to pay by cheque (no longer have a cheque book) or electronic transfer (CHAPS). When I've googled CHAPS, this seems to be a business thing, not personal banking?
Any advice gratefully received. *Excited*!! !:j
I did obtain a redemption statement, but as another payment is due soon (before I plan to pay it, the amount will be different, hence should I ring the day before I plan to pay?) which says to pay by cheque (no longer have a cheque book) or electronic transfer (CHAPS). When I've googled CHAPS, this seems to be a business thing, not personal banking?
Any advice gratefully received. *Excited*!! !:j
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Congratulations. Must be a great feeling to know that you are able to pay it off. I paid off my previous mortgage before buying again and reduced the balance in a few chunks to a figure of less than £1k. I think I then got a redemption figure and paid the remainder off over the phone using a debit card.0
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Best to phone them & see what they say
What a lovely feeling.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Phone them. I've redeemed one by debit card over the phone and another by making an online bank transfer
And congratulations! :j:I am the master of my fate; I am the captain of my soulRepaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NILNet sales 2024: £200 -
I have just done this with HSBC. Phoned, asked for a redemption figure (which includes all the interest so far this month until today), then paid that with a transfer from another account I have with them.
Done & dusted in about 5 minutes :j
One mortgage down, one to go...0 -
Thank you so much for your replies and congratulations folks. Appreciate them all!0
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