Keeping Mortgage open vs. closing

TisforTesco

We have a small mortgage remaining on our property, we've been keeping it open as we were under the impression that the title deeds were being held safely for us by the bank, and it's easier to keep the mortgage open than finding another way to safely hold them.

I spoke to the bank today and they apparently don't hold any documents for us at all, as they're all held with the Land Registry.

Has anyone fully paid off and closed their mortgage recently? Are there any reasons why we wouldn't want to do this?

Could the phone advisor have got it wrong about holding the deeds? I have a copy of our title deed downloaded from the Land Registry website, should we be doing anything else to secure them?

Thanks for any experience/advice!

housebuyer143

TisforTesco said:

We have a small mortgage remaining on our property, we've been keeping it open as we were under the impression that the title deeds were being held safely for us by the bank, and it's easier to keep the mortgage open than finding another way to safely hold them.

I spoke to the bank today and they apparently don't hold any documents for us at all, as they're all held with the Land Registry.

Has anyone fully paid off and closed their mortgage recently? Are there any reasons why we wouldn't want to do this?

Could the phone advisor have got it wrong about holding the deeds? I have a copy of our title deed downloaded from the Land Registry website, should we be doing anything else to secure them?

Thanks for any experience/advice!

All title deeds are held at a land registry electronically. There is no reason to keep a mortgage open if you don't want to.

Should you pay off your mortgage, the lender will remove their charge and you can pay £3 to download a copy of your title mortgage free.