Final mortgage payment

Options
Bruceb007
Bruceb007 Posts: 2 Newbie
First Anniversary
in Mortgages & endowments
Just wondered what people thought of this. We have managed to pay off our mortgage with Santander :T which we did on 14th Feb. got a final settlement figure and transferred that amount on the same day. Have been told that they still need to take the next direct debit payment on 1st March and they will then adjust for any discrepancies. Then FIFTEEN DAYS after that we will get a letter confirming zero balance and a refund of money from that direct debit payment not needed to 'zero the balance'. I asked two questions, why does it take so long and will i get interest on the extra money they hold on to for 15 days. The reply was - thats how long it takes and I got silence on the second question :eek:
I asked if this was in any of my terms and conditions, but still got the same response.
Anyone else experienced this? I'm going to look up my terms and conditions - ive kept all the paperwork :D

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Name Dropper First Anniversary First Post
    Options
    Have you checked what your current balance is?
  • NinaSwiss
    NinaSwiss Posts: 278 Forumite
    First Anniversary Combo Breaker
    Options
    Have you calculated how much interest you after ? ... assuming you transferred the money from a 2% savings account and payment was £1000... I suspect that is less than £1 in interest.

    Is it really worth the energy ?
    Working towards:
    [STRIKE]*House Purchase (2015)[/STRIKE]     [STRIKE] *Top-up pension (2016)[/STRIKE] [STRIKE] *Clear CC (2016) [/STRIKE]
    *Mortgage     Overpayment (50% LTV by Jan 2020) *Clear student Loan(by Jan 2020)[STRIKE]*Save for a Car (2017)![/STRIKE]
    *Making the most of life!!!
  • iquit
    iquit Posts: 1,939 Forumite
    First Anniversary First Post Combo Breaker
    Options
    Congratulations on paying off your mortgage :j:j
    2019 MFW No. 74 £13700/£30000 (45.66%)
    12k in 2018 No. 98 £6274.19/£18000 (34.85%)
    BTL (start) £97440.00 (current) £68000.00
    Residential (start) £275000.00 (current) £268000.00
  • TrickyDicky101
    TrickyDicky101 Posts: 3,513 Forumite
    First Anniversary First Post
    Options
    I'm reminded of the quote "Choose your battles wisely" - as already mentioned, is it really worth it?
  • daveyjp
    daveyjp Posts: 12,523 Forumite
    First Post Name Dropper First Anniversary
    Options
    There may be fees to pay once the mortgage is paid off. Better to leave as is and let them go through their process.
  • Bruceb007
    Bruceb007 Posts: 2 Newbie
    First Anniversary
    Options
    Thanks for replies. I was more annoyed about it being 30 days from paying "settlement figure" to actually being confirmed as mortgage free. Wasn't really looking for a battle but wondered if this is normal or unique to Santander. My interest quuestion to them was just because i was so taken aback by the length of time!
    WRT fees I don't think there are any as its a flexible mortgage allowing overpayment etc. Have been through the original paperwork and updated T&Cs and cant see any sign.
    Will post again when i get the final paperwork as i might get more clues as to why it takes so long!
    In the meantime if anyone has similar experience of time taken I would be interested.
  • pmartin86
    pmartin86 Posts: 756 Forumite
    First Anniversary Name Dropper First Post
    edited 24 February 2019 at 11:52AM
    Options
    Bruceb007 wrote: »
    Wasn't really looking for a battle but wondered if this is normal or unique to Santander. My interest quuestion to them was just because i was so taken aback by the length of time!


    I'd image that the time frame is purely;y due to the way that mortgages are expected to run, if you think of the bigger picture their designed to last 25-30-35 years, their not instant access instant reporting things. They probably run on a monthly cycle using what would otherwise be "dead time" for the banks systems. Id imagine that most bane employees have no more interaction with the system other than "Create account" and "Query account".


    Edit: Oh, congratulations by the way, I'm looking forward to that "Zero Balance Day"!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards