Paying off Mortgage - How do I do it.

Scruffy_Meee

I am in the fortunate position of being able to pay off the remainder of my mortgage when it comes out of its fixed period in Mid August. Is there anything I need to be aware of when doing this and how exactly do I do it. Do I just ring the bank and say I want to pay it off and transfer them the money or do I need to go through a solicitor. do the bank then just send me the deeds and if so what do I do with the deeds….

kassy64

Contact your bank and ask for a redemption statement (nearer the time). They should provide you with a closing balance required on a specific date, plus they should give you the options for how to make the required payment., I just used an online bank transfer (although I did bank with my mortgage provider so made things simpler). No solicitor required, and as far as I know 'deeds' no longer are required as land registry is used for ownership etc. Your lender should confirm that land registry has been updated once they no longer hold an interest in the property.

CliveOfIndia

Depending on the amount involved, it's also worth checking with the bank you're paying from beforehand. Lots of banks will limit the amount you can move in one day. But if you speak to them beforehand, they can very often pre-authorise a higher amount.

Scruffy_Meee

https://forums.moneysavingexpert.com/discussion/comment/82021873#Comment_82021873

thanks really useful.

Cairnpapple

If you happen to be in Scotland there is an extra step of discharging the standard security (removing the mortgage holder from the register) once the mortgage is fully paid. We had a solicitor do it but I believe some people here have DIYed.