Paying off mortgage

[tspill]

Hi folks,

I plan to clear my mortgage in the new year when the early closure penalties stop.

Do I need to do this through a solicitor or just directly with the bank?

What have others done?

Thanks
TS

[Beaker's Fluff]

I just called my bank directly, we did not do anything through the solicitor.

[Smilesonfaces]

I just rang the bank and paid it off with my debit card. It was a bit scary making such a large transaction over the phone. It’s wonderful being mortgage free though.
They stored our deeds for a year but as they were electronic have now sent them to us.

[June8th]

Directly with your bank. These days they just send a closure statement, not the deeds!
Which is a shame as old deeds are fascinating.

[Taffy1959]

We just called in to the Building Society and paid it off

[sparkles18]

Originally Posted by Taffy1959

We just called in to the Building Society and paid it off

See more...

This is what we did.

[cheekydeeky]

Originally Posted by tspill

Hi folks,

I plan to clear my mortgage in the new year when the early closure penalties stop.

Do I need to do this through a solicitor or just directly with the bank?

What have others done?

Thanks
TS

See more...

Not as simple as stated above. If you’re in Scotland then you need to use a solicitor. Or you did when I paid mine off three years ago .

[Orlando 2004]

We went into branch and paid ours as our bank account and mortgage were both with Santander (mortgage was Alliance and Leicester). Could have done it over online banking but I was afraid I'd send the money to the wrong account. We already had the deeds so just received a closing statement.

[Beth_Disney]

We contacted the building society by secure message about a week before we wanted to pay the balance and asked for a settlement figure. The settlement figure was only valid on a certain date due to the way the interest was calculated. I phoned on that date and paid over the phone with my debit card. It’s such a great feeling, we had a weekend away to celebrate!

Have you had a look on your bank’s website? The process was explained really clearly on the Nationwide website.

[400ixl]

We did it directly, they sent the deeds back to us (they are digitally stored as well) and most importantly released the hold with the land registry. Make sure you get the last bit.

Phones the mortgage provider for the total payable that day (as interest is charged daily it changes every day). then phoned the bank first to make sure they would authorise the payment. They put a lock on the debit card so it could only make that amount of transfer to that company. Made the payment and then had the lock released.

Pretty straight forward really, probably more faffing about than needed, but made sure it went straight through without fraud detection getting involved.

You could also wander into a branch if you wanted too as well.