Paying off remaining mortgage in one payment?

nobile

Apologies for my ignorance, but since taking out my mortgage about 17 years ago, I've not had anything to do with it except pay for it on time, every month!

I have approximately £9000 left to pay for it - according to my latest end of year statement. And I'd like to to see the back of it.

It is with the Principality Building Society.

What is the process to go about doing this? I know some people might say dont do it; invest that money elsewhere etc etc, but if I am honest, I just want to clear this debt once & for all.

Just need to know how to go about it & any likely penalty charges etc etc.

Many thanks

A_Frayed_Knot

Phone them and ask what your final figure would be to clear off your mortgage, also ask if there would be any penalties, and ask them to break the total figure down for you.

nobile

A_Frayed_Knot wrote: »

Phone them and ask what your final figure would be to clear off your mortgage, also ask if there would be any penalties, and ask them to break the total figure down for you.

Will do. I'm guessing it varies from lender to lender, rather than there being an industry-standard?

bexster1975

Hello

It will depend on whether you are in a deal, what that deal says etc. The BS will calculate interest until the day you settle, so if you call telling them you want a settlement for a particular date.

Many congratulations. What a great way to start 2020!

Bexster

dark^knight

Agree with the above posters.

Phone them and ask for a redemption statement, this will detail how much you need to pay to close the account.

Well done by the way...my balance is similar to yours, so aiming to pay off next 3 months.

nobile

dark^knight wrote: »

Agree with the above posters.

Phone them and ask for a redemption statement, this will detail how much you need to pay to close the account.

Well done by the way...my balance is similar to yours, so aiming to pay off next 3 months.

Cheers! That's very handy especially the terminology which I wasn't aware of. And well done to you also!

nobile

bexster1975 wrote: »

Hello

It will depend on whether you are in a deal, what that deal says etc. The BS will calculate interest until the day you settle, so if you call telling them you want a settlement for a particular date.

Many congratulations. What a great way to start 2020!

Bexster

THanks - that's very kind of you!