House sale completed- can I stop mortgage payments?

sunshine_raincloud

Hello, 

This may seem like a very silly question but I just wanted to ask to make sure! I completed the sale of my house today, can I just cancel the standing order for my mortgage now or do I need to wait for them to tell me it is okay or contact them first? 

Thanks in advance!

RedFraggle

Standing order or direct debit?

user1977

In either case, yes you can cancel it - and you'll definitely have to cancel it if it's a standing order, as the payments are "pushed" from your end. Whereas the lender will simply stop taking direct debits. Though there might be an overlap if a payment is just about to come out (but you'd get it refunded more or less straight away).

sunshine_raincloud

It is a standing order. 

I think I will just cancel it? It would normally go out in a few days. Just wasn't sure if it was like utilities where you cancel your contract but then have to wait for final bill. I don't think it is?  

Thanks to you both! 

penners324

Your conveyancer sorts out the final bill with the mortgage company.

Cancel the Standing Order immediately 

sunshine_raincloud

Thank you all!

user1977

sunshine_raincloud said:

Just wasn't sure if it was like utilities where you cancel your contract but then have to wait for final bill. I don't think it is?  

The "final bill" is the redemption statement which your solicitor obtained before completion - they have paid that balance (or are just about to today). It won't assume you're making any further payments - the point is that on completion your buyer needs you to have cleared everything so the charge is released from the property.

Postik

I don't think I cancelled mine, but I notice after I moved I got a small credit back from my old lender so there was obviously a slight over payment after the solicitor had done their calculations, which was returned to me.

sunshine_raincloud

Very shortly after this thread I received an email from my mortgage provider telling me to cancel my standing order. Thanks everyone.