Paying off a Mortgage

[JtB]

When you pay off the outstanding balance on a repayment mortgage, what happens next? Apart from any outstanding interest for the final month, do building societies typically levy further charges? As I understand, building societies no-longer hold title deeds for modern houses so I presume there's no-longer any fee payable for them to release the title deeds.

 

[vernon]

There were no additional charges when we settled our mortgage last year. We already had our paper deeds which were released to use when we remortgaged and they were transferred to the electronic format.

In the past I think it was custom and practice to leave the mortgage unsettled at a £1 or thereabouts and the mortgage company effectively kept the deeds safe on your behalf for peanuts.

 

[Archie_tect]

Such a milestone and great feeling to pay it off, so the logistics of whether it was logical didn't register.

 

[cadseen]

Take out a new loan for a bike

 

[Brahan]

When you pay off the outstanding balance on a repayment mortgage

Gosh, If only! Good on you though.

 

[PBancroft]

When we paid ours off, that was it. Didn't even get a confirmation from the bank, it was all a bit ... silent. It was almost like they were bitter at us for no longer sending them monthly cash.

 

[Fnaar]

Snarl... one day... one day...

 

[rich p]

When we paid ours off, that was it. Didn't even get a confirmation from the bank, it was all a bit ... silent. It was almost like they were bitter at us for no longer sending them monthly cash.

Exactly that. An eerie silence and a nagging doubt as to whether anything had actually happened.

 

[threebikesmcginty]

Mine's timed to finish when I retire. When I'm about 90 then.

 

[rich p]

Mine's timed to finish when I retire. When I'm about 90 then.

You could beat the odds and make it to 90 but my mortgage (if I had one ) would be on an earlier demise.

 

[Paulus]

There were no additional charges when we settled our mortgage last year. We already had our paper deeds which were released to use when we remortgaged and they were transferred to the electronic format.

In the past I think it was custom and practice to leave the mortgage unsettled at a £1 or thereabouts and the mortgage company effectively kept the deeds safe on your behalf for peanuts.

This what happened to MrsP and myself when we finished the mortgage a couple of years back. The account is technically still open with a balance of £1. The Nationwide then sent us a statement and a letter informing us that the mortgage was paid and for the £1 they would hold the deeds until such time that we needed them. It is a nice feeling when you finish up the millstone around the neck.

 

[Brandane]

My 25 year sentence finished at the end of last year. I had to pay something like £80 to have the paper title deeds released and delivered to me. Slightly different being in Scotland I presume.

 

[Dave Davenport]

We got a whole heap of stuff, legal documents etc. going back to when the land was bought in 1908.

 

[threebikesmcginty]

We got a whole heap of stuff, legal documents etc. going back to when the land was bought in 1908.

Blimey, you've lived there a long time!

 

[JtB]

Just sent off the final balance (minus any interest owing for the final month) - let's see what happens (guess we wont be receiving a bottle of champagne then through the post from the building society).