Fees and tme saved by clearing mortgage before taking on new

eurobabe

Hi by paying off my mortgage before taking on a new one in the new future does that make the process any quicker for my solicitor and save me any fees?

Mark_d

You can save fees buy paying off your mortgage and then not taking a new one.  Nothing wrong with being mortgage free.

eurobabe

Mark_d said:

You can save fees buy paying off your mortgage and then not taking a new one.  Nothing wrong with being mortgage free.

Hi I mean after I have paid off my mortgage and don't mean mortgage interest.whether it's cheaper/quicker to be mortgage free in run up to buying new home. I'm taking in a new mortgage when I eventually move.

BarelySentientAI

If you will need a mortgage to buy the new home, it will make little difference.

Mark_d

eurobabe said:

Mark_d said:

You can save fees buy paying off your mortgage and then not taking a new one.  Nothing wrong with being mortgage free.

Hi I mean after I have paid off my mortgage and don't mean mortgage interest.whether it's cheaper/quicker to be mortgage free in run up to buying new home. I'm taking in a new mortgage when I eventually move.

If you have cash sitting around, earning less than your mortgage is costing you, and can pay off your mortgage then why not do so?  Any interest saved would outweigh any other potential saving.

If your solicitor does not need to handle the redemption of your current mortgage at sale/purchase time, then it might make their process marginally simpler...but instead you'd be paying your solicitor a fee for amending the deeds at the earlier date when you repay your mortgage.

kingstreet

eurobabe said:

Hi by paying off my mortgage before taking on a new one in the new future does that make the process any quicker for my solicitor and save me any fees?

You would need to ask the solicitor who will act for you. If they make a charge for repaying a mortgage, then yes. If not, then no. However, if it's the same firm doing the redemption and the new purchase, all you are likely to do is move the charge forward in time.

eurobabe

kingstreet said:

eurobabe said:

Hi by paying off my mortgage before taking on a new one in the new future does that make the process any quicker for my solicitor and save me any fees?

You would need to ask the solicitor who will act for you. If they make a charge for repaying a mortgage, then yes. If not, then no. However, if it's the same firm doing the redemption and the new purchase, all you are likely to do is move the charge forward in time.

Hi I've paid my mortgage off today, so I'd have redemption certificate by then.It all sounds like there's not alot in it really whether saving money or time.