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What happens at the end of a mortgage

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What happens at the end of a mortgage

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I paid off my mortgage in 2019 and my mortgage provider (YBS) shut my account and wiped all my data. I expected to get the usual year-end statement showing the final balance (nil) and interest paid during the year, but apparently they don't do this once the mortgage is paid off. I need this for my (non-UK) tax return. I don't even have any paperwork to say the mortgage is fully paid, or whether I made any overpayment. If I call customer service, they can tell me nothing. They only suggested that I write a letter to YBS head office, which I've done.

I am curious, is this regular practice at the end of a mortgage? 

I probably would 'only' save a couple of hundred quid on my taxes and I could probably call the tax office to explain the missing paperwork. But still, it feels odd.

Replies

  • ThrugelmirThrugelmir Forumite
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    If the mortgage was redeemed the year then there would be no annual statement produced. To calculate the interest. Take the opening balance at the begining of the period. Deduct the payments made to YBS. The negative amount left will represent the interest and mortgage redemption fee paid. 
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • md258md258 Forumite
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    When I paid mine off (Tesco Bank), I had a letter confirming that it was all cleared and that they would remove the charge. I haven't checked whether I can still see the details online because I haven't needed to. I was surprised how underwhelming the process was overall.
  • jaybeetoojaybeetoo Forumite
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    md258 said:
    When I paid mine off (Tesco Bank), I had a letter confirming that it was all cleared and that they would remove the charge. I haven't checked whether I can still see the details online because I haven't needed to. I was surprised how underwhelming the process was overall.
    Same experience for me with First Direct.
  • edited 30 April 2020 at 11:21PM
    noislanoisla Forumite
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    edited 30 April 2020 at 11:21PM
    If the mortgage was redeemed the year then there would be no annual statement produced. To calculate the interest. Take the opening balance at the begining of the period. Deduct the payments made to YBS. The negative amount left will represent the interest and mortgage redemption fee paid. 
    Ha, I feel like an idiot, I should have thought of this. Thanks :-)  (Probably not enough for the tax return, but satisfies some curiosity)

    And thanks to all for sharing your similar experiences. I suppose my life achievement is just business as usual for a mortgage company.

    I was kind of curious whether my final mortgage payment really equalled the outstanding balance. I guess it must have done.
  • MovingForwardsMovingForwards Forumite
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    Did you pay the final fee for removing the charge? It's detailed in your T&Cs.

    You will want the charge removed while they still have the details, years down the line it could take a while, which you won't be happy with if you want to add a mortgage / sell.
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