Paying off mortgage process

Joeisaware539

A little while ago I posted about porting, then moving and making the last up with our own funds.

We’ve now spoken to the bank and we have decided to opt to pay the mortgage off and clear to £0. 

I would like to ask what is the whole process of paying off mortgage. What happened once I’ve sent the remaining £124K to TSB.

What happens next, from your own experiences? 

Thrugelmir

Very little. Your lender will commence the legal process of removing the mortgage charge held on your property. Some weeks later you should receive confirmation that this has happened. 

You'll also need to pay the mortgage exit fee in addition to the balance owed including any accrued interest. The mortgage exit fee covers the lenders costs for the step above. 

Joeisaware539

Thrugelmir said:

Very little. Your lender will commence the legal process of removing the mortgage charge held on your property. Some weeks later you should receive confirmation that this has happened. 

You'll also need to pay the mortgage exit fee in addition to the balance owed including any accrued interest. The mortgage exit fee covers the lenders costs for the step above. 

How much is this roughly, our mortgage lender TSB. Didn’t clarify that when I was talking to someone from the mortgage department?

davidmcn

Joeisaware539 said:

Thrugelmir said:

Very little. Your lender will commence the legal process of removing the mortgage charge held on your property. Some weeks later you should receive confirmation that this has happened. 

You'll also need to pay the mortgage exit fee in addition to the balance owed including any accrued interest. The mortgage exit fee covers the lenders costs for the step above. 

How much is this roughly, our mortgage lender TSB. Didn’t clarify that when I was talking to someone from the mortgage department?

If you're still under a product with an early redemption fee (presume you are if you were considering porting) then it's whatever the terms of your product say. There'll also be a more modest standard discharge fee, I expect they'll have a tariff on their website. Normal practice is that you ask for a redemption figure for a particular date and the bank will confirm the amount and how it's broken down.