Process for closing Mortgage and Updating Deeds

simno999

Hi,
I have decided to close my mortgage 8 months early.
Can anyone outline the process I should follow?
My thinking is contact lender, pay off loan, get deeds updated.
Apart from this is there anything else I should know?
Is this fairly easy or should I get a solicitor involved?
Thanks
Simon

AnotherJoe

No solicitor needed. Process is as you describe.
Is there any early repayment charge or other fee for not closing it at the expected time ? There may well be, check how that compares with the last 8 months interest you'd otherwise pay.

plunt

if you do have early repayment charges see how much you can pay off early (usually 10-20%) as that may work out cheaper to do a partial lump sum and see the rest run off.

Thrugelmir

simno999 wrote: »

Hi,
I have decided to close my mortgage 8 months early.
Can anyone outline the process I should follow?
My thinking is contact lender, pay off loan, get deeds updated.
Apart from this is there anything else I should know?
Is this fairly easy or should I get a solicitor involved?
Thanks
Simon

Pay off the debt owed along with the mortgage exit redemption fee. The lender will then action removal of their legal charge.