Mortgage repaid, what next?

Fuerte28 · 19 January 2020 at 12:27PM

Hi,

finally paid of our mortgage, just 6 months early, received letter from lender (KRBS) confirming balance cleared 19/11

Understood we should also receive confirmation of release on the property, nothing so far, unsure who to chase.

Spoke with lender 19/12 who said they were processing that very day, not sure if they forgot or just wanted to keep our property as an asset on their books, and we should receive a letter in 5-10 working days.

Had to chase again earlier this week, guy I spoke to was really vague about what exact we will receive in the post.

After clarity, has anyone else been through this process and can advise please? TIA

jaybeetoo · 19 January 2020 at 1:18PM

With First Direct (HSBC) I received a letter from them saying they’d contacted Land Registry to have their interest removed. I think it was about 4 weeks after the mortgage was paid off.

csgohan4 · 19 January 2020 at 1:54PM

Don't forget to order some champagne next to celebrate

davidmcn · 19 January 2020 at 3:30PM

Fuerte28 wrote: »

not sure if they forgot or just wanted to keep our property as an asset on their books

The loan, while it still existed, was an asset on their books - the security for it isn't. Releasing it is a bit of not-particularly-urgent admin, it will get done.

Moneyminded · 19 January 2020 at 6:49PM

I haven't yet reached this milestone myself so can't advise. Just wanted to say congratulations!!!! Well done on paying off your mortgage.

Lisi299 · 19 January 2020 at 6:54PM

My letter when I paid mine off said they would update land registry and any paperwork if I wanted to confirm I would need to look online at land registry, as they no longer send out the title deeds. Don’t know what I was expecting a certificate for the wall, flowers, balloons however I was a bit disappointed lol &#55357;&#56838;