last mortgage payment due dec 2008- how...

hostertlady

thriftmonster wrote: »

Also if your buildings insurance is linked to your mortgage, when you pay off the mortgage fully, your insurance will stop. You either need to have other insurance in place or leave £1 in the account to keep the insurance running.

i have been so excited about paying off the mortgage that it went completely over my head about this too!! so when i am very near the last payment i should leave £1 in it should I?? or should it be more??

agent_orange_2

My mortgage finally paid up last May, which was about 5 months earlier than full term. Normally, if you pay your mortgage up early there is a 'sealing fee' to pay - i think it was about £200 but, as there was only a few months before finish date the Coventry said there would be no fee to pay. Check with your building society.
As for you endowment, i would suspect, this will be asigned to your building society. Your endowment company and building society should liase with each other to make sure mortgage debt is covered before you receive any surplus. If you have the misfortune of having a CIS endowment, make sure everything is in order well before maturity date.
I had to wait over 4 weeks for a payment. They had my endowment assigned to a loan that was paid up 10 years previously, I had to sort out a "statement of no further interest"

Good luck, it great not having a mortgage.

hostertlady

Good luck, it great not having a mortgage.]]

yes and i am looking forward to receiving my nice endownment cheque too, ( i didnt have a big mortage, bought my house 25 years ago, should have paid it off sooner but wasnt into MSE till recently!!