Paying off mortgage early?

[Dinglebert]

Originally Posted by mexico07

Oh really ! We are in Scotland too , do you mind me asking if it was expensive? xxx

See more...

Was 5 years ago. I think it was around £250.

[vhm672]

Sorry I haven’t read every post but just in case it hasn’t been covered you also need to remove the charge at the land registry (I think you are in England and Wales not Scotland).

When you speak to the bank about the redemption statement as if they will provide a DS1 or and END1. Both are notifications to the land registry that the mortgage has been discharged. However the END1 is electronic and goes straight to the land registry meaning you don’t have to do anything. The DS1 is hard copy and comes to you to file. You would need to send the DS1 and an AP1 to the land registry yourself. The AP1 is available on the land registry section of the gov website and there is no charge. The land registry have really not been good at lockdown working so don’t worry if you don’t hear anything from them for a while but once processed you should get a copy of your title with the charge removed.

[mexico07]

Originally Posted by vhm672

Sorry I haven’t read every post but just in case it hasn’t been covered you also need to remove the charge at the land registry (I think you are in England and Wales not Scotland).

When you speak to the bank about the redemption statement as if they will provide a DS1 or and END1. Both are notifications to the land registry that the mortgage has been discharged. However the END1 is electronic and goes straight to the land registry meaning you don’t have to do anything. The DS1 is hard copy and comes to you to file. You would need to send the DS1 and an AP1 to the land registry yourself. The AP1 is available on the land registry section of the gov website and there is no charge. The land registry have really not been good at lockdown working so don’t worry if you don’t hear anything from them for a while but once processed you should get a copy of your title with the charge removed.

See more...

Thank you. We are in Scotland so will it be different then but great advice thank you xxx

[mexico07]

Originally Posted by disneywiseowl

OP - don’t forget the champagne for the day you’re mortgage free!
🎆🥂🎇

See more...

😂 not a champagne drinker but a wee whisky for Hubble and a margarita for me will be at the ready 😂 oh wait ! We done that last night 😂🥃🍹🤪

[Dinglebert]

Originally Posted by mexico07

Thank you. We are in Scotland so will it be different then but great advice thank you xxx

See more...

ros.gov.uk/services/disc...-mortgage-deed

[tspill]

Originally Posted by FamilyGWales

Curious about the all but 500 comment. If you reduce it down to that level what is the benefit of doing this over paying it off fully?

Sorry to hijack OP!

See more...

Simply laziness on my part.

It is very easy to pay sums off with Barclays. But actually closing it involves a bit more work. So I am just leaving a small sum until I can be bothered to sort the admin out. Not sure if we still have paper deeds in NI - but if so I would need to look for somewhere to store these - and that would cost more than the interest I will now be paying. They were paper in 2017 when I bought the house.
So as I said - I can pay the vast majority off with virtually no effort.

I will get around to it at some point.

PS - the £500 was just a number - it may be £100. Just enough to keep the mortgage open

[mexico07]

Originally Posted by Chair1519

ros.gov.uk/services/disc...-mortgage-deed

See more...

Thank you xxx