Mortgage repaid, what next?

Fuerte28
Fuerte28 Posts: 6 Forumite
in Mortgages & endowments
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

Comments

  • jaybeetoo
    jaybeetoo Posts: 1,337 Forumite
    Name Dropper First Anniversary First Post
    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
    csgohan4 Posts: 10,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    edited 20 January 2020 at 8:30AM
    Don't forget to order some champagne next to celebrate
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    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
    Moneyminded Posts: 281 Forumite
    First Anniversary First Post
    I haven't yet reached this milestone myself so can't advise. Just wanted to say congratulations!!!! Well done on paying off your mortgage.
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 (aiming for October 2025)
    • MFW 2024 #15 £446.24/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.44
  • Lisi299
    Lisi299 Posts: 59 Forumite
    First Anniversary First Post
    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 ��
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    Fuerte28 wrote: »

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

    A letter.

    Land Registry will have slowed processing down over the Xmas period.
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