Paying off mortgage, final steps?

W.Ford

Hi there, for the last 8 years we've been overpaying on our mortgage at the 10% maximum permitted on our current deal. In two months the deal comes to an end and we will be auto-transferred onto our providers standard variable rate deal. We are fortunate enough to have saved up enough to pay off the outstanding mortgage balance in full, but I'm a bit in the dark as to the process, do we request the balance owed and then just make a transfer to that amount on the day the current deal expires? Are there any pitfalls that we should be aware of? Do we automatically get the deeds sent to us for example? Any help would be grateful received. I'm admittedly not the most financially aware.
Thanks

Niv

You ask your mortgage provider for a redemption statement such as outlined below:

https://www.nationwide.co.uk/support/support-articles/manage-your-account/mortgage-redemptions/mortgage-redemptions-overview

MWT

I would pick a date a day or two after the current deal expires, just to be 100% certain you don't end up the wrong side of a line with ERC charges.

Then ask for a settlement figure for that date and make the payment.

The deeds should be automatically returned to you a little while later assuming they are holding paper copies and it wasn't all electronic at the time when you started the mortgage. 

Also remember to check that the charge on your property has been released, but give them a few weeks for it to be filed and processed at the Land Registry. When you do check, don't fall for one of the many intermediaries who offer to get the details for you for £20+, you can do it yourself for £3 or so online.

Thrugelmir

Does your lender enable you to view your mortgage balance online? 

user1977

Yes, that's what normally happens. Any overpayment would be refunded, usually immediately.

getmore4less

if NO ERC you can overpay the outstanding balance(all or most)  with a big overpayment now.

Then tidy up the lose ends later with tiny amounts of interest that will be due if anything is left.

if regular payment is 7th that will be another overpayment anyway to cover any extra interest till final redemption.