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Paying your final instalment on Mortgage

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
4 replies 642 views
Gurj247Gurj247 Forumite
146 Posts
Ninth Anniversary 100 Posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
So come February 2019 I will be in the fortunate position of having paid off my mortgage. ;-)


Having never been in this position before is there a set process that I will need to go through as want to make sure I'm paying no more interest to the mortgage lender and that all ends are tied off so to speak.


Was wondering if I needed to arrange a meeting with the Mortgage Lender to pay off any small amount that might be left to pay and sign some paper work.


any advise?
Date of Update – 08/04/19
Goal 1 – Reduce Mortgage - £120k/£120k = 100%:j
Goal 2 – Stupid Fun Car Fund - £11000/£30,000
Goal 3 – Savings – Rainy Day - £10000/£10,000
Goal 4 - Daughter Fund - Target £100/mth = £1444
:j:j:j

Replies

  • RetterRetter Forumite
    22 Posts
    Third Anniversary 10 Posts
    Just phone the lender and give them a date you want to make the final payment on. They will calculate the amount due on that date and that should be it. I paid off a mortgage on my previous house and, as far as I remember, made the final payment over the phone with a debit card.
  • Gurj247Gurj247 Forumite
    146 Posts
    Ninth Anniversary 100 Posts
    Retter wrote: »
    Just phone the lender and give them a date you want to make the final payment on. They will calculate the amount due on that date and that should be it. I paid off a mortgage on my previous house and, as far as I remember, made the final payment over the phone with a debit card.



    I like that, nice and simple, shall give them a call, hopefully nice and easy with my mortgage provider.
    Date of Update – 08/04/19
    Goal 1 – Reduce Mortgage - £120k/£120k = 100%:j
    Goal 2 – Stupid Fun Car Fund - £11000/£30,000
    Goal 3 – Savings – Rainy Day - £10000/£10,000
    Goal 4 - Daughter Fund - Target £100/mth = £1444
    :j:j:j
  • VDOT47VDOT47 Forumite
    277 Posts
    ✭✭
    Yep, call them and ask for a redemption statement calculated to a specific date.
    Original Mortgage (Feb '17) £269,995
    Current Mortgage (End 11/19) £226,790
    End Date November 2039 Original End Date February 2042
  • dano17439dano17439 Forumite
    364 Posts
    Part of the Furniture 100 Posts
    ✭✭
    Wont they just do it automatically if its the DD amount? I.e. if you contracted payment is £1,000 per month and that's what you pay, then the remaining balance for the last month is £392.54, wont they just collect that amount?
This discussion has been closed.