We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Redeeming Mortgage (Additional Borrowing Part)
neilb83
Posts: 1 Newbie
Morning - first post… We have an additional borrowing mortgage (for kitchen works) taken out over 24 months. Simply put… do you need a solicitor and conveyancing to redeem/payoff this mortgage at the end of its term like you would do if you were doing the same for the normal base mortgage? I can’t find a straight answer as most of the info is around just a normal base mortgage (with deeds etc.). We have some funds available to pay it off so the SVR doesn’t kick in and without the need to remortgage or fix a rate. Obvisouly the base standard mortgage remains which is separate (but with the same lender) and isn’t up for remortgage until late 2025.
0
Comments
-
Nope. It's part of the original charge so there is no legal work required; as there wasn't when you took this tranche of borrowing.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards