Paying off Mortgage

pope

Any advice on how to pay off a £35000 mortgage in full funds currently held with Nationwide Building Society?

Sam_666

Call mortgage company and ask?

BridgetTheCat

is the mortgage with nationwide as well? If so it’s a straightforward transfer.

If the mortgage is somewhere else you might need to do it in stages as there is usually a 25k daily transfer limit. It took me 3 days to pay off just under 75k for this reason. Unless you can go into a branch in person.

Jemma01

It's not clear what you need. Are you asking how to move funds between two different banks? Or just how to clear your mortgage?

On HSBC mobile app I was able to request a redemption quote (it was instant), which quotes the full amount due including the interest up to that day. I then just did a transfer and it was done. Few days later it disappeared from my bank app and closed down. They issued a notice to the land registry to remove the charge on the house. I didn't need to do or ask anything. They sent a letter home to confirm.

It was HSBC to HSBC transfer.

pope

https://forums.moneysavingexpert.com/discussion/comment/82007965#Comment_82007965

The mortgage is with Santander. That is a real shame that Nationwide have a daily limit of £25000 online. Is the limit higher in branch?

pope

https://forums.moneysavingexpert.com/discussion/comment/82007983#Comment_82007983

Yes I am asking how to clear my mortgage with Santander.

Jemma01

https://forums.moneysavingexpert.com/discussion/comment/82008277#Comment_82008277

https://www.nationwide.co.uk/help/payments/transfer-limits-and-timescales/

The limits are documented here, I would imagine the limit wouldn't apply to you since you would have been paying Santander regularly

"

Our online limits

If you set up a payment online through our app or internet bank (including with Open Banking), you can generally make payments of up to £100,000 per transaction, up to a £100,000 overall daily limit.

However, there are times when we limit online payments to £25,000 per day.

You can only send up to £25,000 online per day if you:

make a payment to an existing payee who you haven't paid many times before

make a payment to someone you haven't paid before

set up a standing order using our app, internet bank or Open Banking.

You can check how much you can send to a payee in our app or internet bank when setting up a payment.

"

Jemma01

Also how to clear the mortgage with Santander is here, you can request the redemption quote on their app. Remember you need to make the payment on the day you've chosen for the redemption quote as they tell you how much interest you've accumulated up to that date.

https://www.santander.co.uk/personal/support/loans-and-mortgages/paying-off-your-mortgage-early