Closing Fee

rob78

Hi I am in the fortunate position of being able to pay off my mortgage after only seven years in February. C&G say I will have to pay a £100 admin closing fee, can this be avoided? Thanks

setmefree2

No idea but Rob you lucky b* - I'm soooooooooooooo jealous. Get to the mortgage free roll of honour and tell us how you did it.:D

Congratulations:beer::beer::beer::beer::beer::beer::beer::T:T:T:T:T:T:T:T:T:T:T:T:T:j:j:j:j:j:j:j

rob78

thanks. No great secret really just working hard and saving. Yes it has meant going without a few things some luxuries etc and being careful (ie trying to save the £100 exit fee) but hey I can now be a little less careful for say the the next 50 years!!

unsure

Might be worth asking C and G if you can leave a minimal amount in your account to avoid cloising fees. Nationwide have a scheme we've recently taken advantage of whereby you can pay off all but £1. This has the advantage of keeping the mortgage account alive should you need to increase borrowing within the original term (at lower than standard bank rates), maintinaing insurances and avoiding exit payments. Well worth checking.

Steel_2

You might be able to avoid it. My father told me recently that the form that his bank was trying to charge him for filling out and stamping when he paid off his mortgage was available at the land registry and they sorted it for him.

I'll ask him some more info and post back in a couple of days.