Mortgage paid off

gocat

Ok. Well cheque for paying off mortgage has been sent. They have received the cheque and it shows up on my statement as cleared. Few days ago hubby phoned mortgage company to make sure they had received the cheque. Said they had but also said this months installment will be taken from bank account and any overpayment will be refunded.

Im flabergasted as was was just about to cancel direct debit thinking now it's all been paid off (including charges which they had previously informed us about) . We paid by the date they told us to pay by (20th May) For some unknown reason I just picture them deducting this months mortgage (on 28th May) and taking forever to refund this months payment as I cant see any further charges to be made.

I just want to cancel the direct debit. Hubby says no or else will just involve more work and we should just wait till they have sent us the deeds. .

Any suggestions?

abouttimetoo

If you are completely sure that your cheque covered the balance and charges then I think I would be cancelling the direct debit. As you say, it could take a little while to refund you and you will have lost a bit of interest on it. If for some reason there is an additional balance you need to pay then it's easy enough to send a cheque.

I'm not sure when you spoke to them but it might just be that they didn't have enough time at their end to cancel the DD withdrawal from your account. The BACS system that DD's use is usually set up 48-72 hours beforehand and as your DD is due the 28th and today is a bank hol then that is only 48 hours away

sparklymessygirl

Hi gocat - congratulations!
I think it might be too late to cancel the DD now anyway given that today is a bank holiday?

Sparkly

gocat

Thanks for replies and congrats

Was just thinking I could cancel from my bank account via the internet and it would take affect tomorrow.

abouttimetoo

Yes, you can cancel it on the internet today, it should take effect to-morrow (tuesday) then when the dd claim comes on on Wednesday there will be no valid instruction so it won't be paid.

PS Well done on paying your mortgage off:j :j :j :j :j it must be a great feeling. Don't forget to add your name to the MF roll call of honour

thriftybabe

Well done. It is a great feeling!:j Are you going to have a little splurge next month with your non-mortgage cash!

comping_cat

WELL DONE - its excellent to hear that people are getting their mortgages paid off!!!
I would cancel the DD, better with you than them, and if you know you have paid what is needed, will save you waiting for a refund.

webmasterpolo

Hi

I'd be careful about cancelling it myself, in case it shows on your credit file as a missed payment if they do try and take it. For the sake of the potential of a little lost interest I would leave the DD on until I had confirmation the account was closed. Just a thought.

-Web

gocat

Didnt cancel DD in the end. For the sake of the potential of a little lost interest, will be worth it to stop moaning hubby :rotfl:(he was against cancelling DD yet :rolleyes: )

Will be interesting to see how quickly they refund any (if any) overpayment.

MancBrel

I'm there too! This weekends mortgage payment will only leave one more to be paid. However we have just come back from a holiday and our mortgage feeder account is the Nationwide Flexi Account that still has unused holiday spending money in. So... it's just a matter of naming the day and doing the deed!

My Nationwide overpayment trips are a routine part of my Saturday morning shopping experience (Library, Nationwide, Fruit n Veg, Supermarket, Bookies etc). So I want this one to be different. Instead it's going to be Nationwide, Bookies (my usual £4 bet will be max'd up for a day!! You've got to live a little?), Champagne, Champagne, Food, Champagne...drop!

In my head I paid it off months ago. As soon as the loan amount was less than our savings, I knew it was effectivly gone. Still, it will be a nice feeling to clear it off (and still have the savings).