What happens when mortgage fully paid. 3 March at 12:23PM in Mortgages & endowments 12 replies 841 views

DJOBS1974

Hi,

I am almost nearing the full repayment of the mortgage and am trying to find out, be prepared for what happens then.

I understand the Nationwide will send me documentation; is there anythiing I have to do, that I can do by myself or do I need to employ a solicitor.

I have not really found much on the internet regarding this process.

Many thanks,

Dave 

TadleyBaggie

When I completed my mortgage, I didn't have to do anything. Nationwide just need to remove the charge on the property with the land registry and that's about it.

DJOBS1974

Wow that sounds almost too easy.

Thanks for that experience.
Hopefully will be the same for me.

comeandgo

I think there is something you need to do.  Our mortgage with Nationwide completed about 5 years ago.  We did get a letter asking for some sort of confirmation from our solicitor and it was always something I was going to do tomorrow.  Well I’ve lost that letter and recently downloaded our deeds which still have nationwide having an interest in the property so I’ll have to contact nationwide and ask them what it is they need.

DJOBS1974

Owww. Think I will keep a careful eye on the process regardless. Hope it woeks out for you.
Thanks.

maisie_cat

When we did it there was nothing apart from the mortgage account closing online.
The thing you must do though is jump up and down in celebration

DJOBS1974

  absolutel, its been a hard slog but 9 years early is a worthy prize.

TimSynths

My parents cancelled the DD with one payment to go and on the due date caught the bus into town using their free bus pass, went to the branch and made the last payment over the counter, said it was an anti climax, I asked if they were expecting balloons and a round of applause- bless.

I have 5 years to go and I will be having ballons!

DJOBS1974

Haa that's funny. 5 years is not too long

Spendless

Nothing. We paid ours off last month. The account is closed and we had a letter this week from our mortgage provider that they will let the land resgistry know that they no longer have an interest in the property (can't remember exact wording)  

DJOBS1974

Thank you.

Hopefully like that.

But I know I'd be checking land registry a few months later to he certain.
Thanks.