Title deeds and mortgage repayment.

[daisymae]

We are in a fortunate position that we can pay off our mortgage. Dh has been working out what’s for the best ie pay most keep some, pay off all (this is for my piece of mind), or mortgage at the current amount outstanding. If we pay it off the bank want a fair bit of money for closing the mortgage and releasing the deeds, it would be paid off when our fixed rate comes to an end, if we take a new mortgage (our current fixed is just about up) fixed it will cost £500 set up fee if we take the variable rate it will only work out at an extra £300 over the period left on the mortgage (I think paying at the same monthly rate we are on). Is it normal for the bank to charge when a mortgage is paid, can we keep the deeds at the bank is there a cheap way to do this or do most people give it to the solicitor to look after or do we even need the deeds as are they not held electronically now?. Thanks

[novocastrian]

our deeds are held electronically

we paid off our mortgage 7 years early with no penalty/charges/ with santander

guess it depends on the T&Cs of your deal ?

[Guest]

We paid off our mortgage in 2013. There was no charge from the bank, but we were on a standard variable rate, are you on a mortgage deal, like fixed rate, in which case I would understand why you have a charge.

There is no such thing as physical deeds any more, it is electronic, and this was the case when we paid ours off, so not a new thing. You could get a copy of your entry on the land registry if you would like to see it confirmed that there is no charge left on the house, it is only a few quid to do that.

[daisymae]

Originally Posted by novocastrian

our deeds are held electronically

we paid off our mortgage 7 years early with no penalty/charges/ with santander

guess it depends on the T&Cs of your deal ?

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There is no penalty charges as our fixed rate is coming to an end it’s for releasing/keeping the deeds.

[Guest]

Originally Posted by daisymae

There is no penalty charges as our fixed rate is coming to an end it’s for releasing/keeping the deeds.

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This makes no sense whatsoever and I would challenge them. Physical deeds are history.

[novocastrian]

Originally Posted by daisymae

There is no penalty charges as our fixed rate is coming to an end it’s for releasing/keeping the deeds.

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as i recall this wasnt a massive fee? although the mrs works in a lawyers so we get mates rates on everything ? we've got a land registry form with the title number.

as above they dont get physically 'kept' anywhere these days

[Smilesonfaces]

Our mortgage was with Brittania and they wanted £35 a year to store the deeds. I rang Land Registry who confirmed the deeds were electronically held. Not all are it depends on how long you have held your mortgage. You should ring Land Registry office to check. We requested the deeds to store ourselves but they are only really of interest value due to the actual deeds being electronic.

[pudge]

We paid off our mortgage in 2016 5 months early and incurred no charge, however we did have to pay Solicitor to register our title deeds electronically with land registry

[novocastrian]

Originally Posted by pudge

We paid off our mortgage in 2016 5 months early and incurred no charge, however we did have to pay Solicitor to register our title deeds electronically with land registry

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thats probably what we paid for? was 4 years ago so cant recall fully

[FlorayG]

I've got my title deeds in the house and still have 7 years to pay on my mortgage. When I changed mortgage providers 12 years ago they just gave them to me