Paying your final instalment on Mortgage

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Gurj247
Gurj247 Posts: 146 Forumite
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in Mortgage-free wannabe
So come February 2019 I will be in the fortunate position of having paid off my mortgage. ;-)


Having never been in this position before is there a set process that I will need to go through as want to make sure I'm paying no more interest to the mortgage lender and that all ends are tied off so to speak.


Was wondering if I needed to arrange a meeting with the Mortgage Lender to pay off any small amount that might be left to pay and sign some paper work.


any advise?
Date of Update – 08/04/19
Goal 1 – Reduce Mortgage - £120k/£120k = 100%:j
Goal 2 – Stupid Fun Car Fund - £11000/£30,000
Goal 3 – Savings – Rainy Day - £10000/£10,000
Goal 4 - Daughter Fund - Target £100/mth = £1444
:j:j:j

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  • Retter
    Retter Posts: 22 Forumite
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    Just phone the lender and give them a date you want to make the final payment on. They will calculate the amount due on that date and that should be it. I paid off a mortgage on my previous house and, as far as I remember, made the final payment over the phone with a debit card.
  • Gurj247
    Gurj247 Posts: 146 Forumite
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    Retter wrote: »
    Just phone the lender and give them a date you want to make the final payment on. They will calculate the amount due on that date and that should be it. I paid off a mortgage on my previous house and, as far as I remember, made the final payment over the phone with a debit card.



    I like that, nice and simple, shall give them a call, hopefully nice and easy with my mortgage provider.
    Date of Update – 08/04/19
    Goal 1 – Reduce Mortgage - £120k/£120k = 100%:j
    Goal 2 – Stupid Fun Car Fund - £11000/£30,000
    Goal 3 – Savings – Rainy Day - £10000/£10,000
    Goal 4 - Daughter Fund - Target £100/mth = £1444
    :j:j:j
  • VDOT47
    VDOT47 Posts: 277 Forumite
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    Yep, call them and ask for a redemption statement calculated to a specific date.
    Original Mortgage (Feb '17) £269,995
    Current Mortgage (End 11/19) £226,790
    End Date November 2039 Original End Date February 2042
  • dano17439
    dano17439 Posts: 366 Forumite
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    Wont they just do it automatically if its the DD amount? I.e. if you contracted payment is £1,000 per month and that's what you pay, then the remaining balance for the last month is £392.54, wont they just collect that amount?
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