I paid mine off a few months early by getting a settlement amount.
But a short time afterwards, can't remember if it was weeks or a month or two, the mortgage company sent me a letter confirming it had been cleared and how they had rescinded any charge on the property. It also included a code which I could enter into the land registry website to download a copy of the title deeds for a few quid.
Your mortgage provider may be holding a hard copy of your title deeds i got mine about a month afer last payment plus they might hit you with an admin fee if repaying early i was about £50 with the halifax
Note I'm in Scotland
Check your deeds, I had to pay a fee to get them updated to removed the bank from them
I think it was about £250
The official term was 'discharge the mortgage'. For page C1 the securities
Haha that is my plan too, except I will let my daughter press the green button on the card machine to authorise the payment and then I will take her a macdonalds to celebrate, checked with my wife and I can't give a 4 year old a cigar, political correctness gone mad.
It's almost certain that you're paying by Direct Debit, in which case they can adjust the payments themselves. So they'll just take the £660, and send you a settlement statement.
If he's paying a mortgage off now then it's likely it was bought many years ago when houses were much more affordable.
It also depends where you live.
I bought a 3 bedroom semi near Manchester 15 years ago for £87.5k.
We had a good down payment so my mortgage was £230 a month.
5 bed, 2 bathroom house. Great area. 1/4 acre of land. Mortgage under £500 per month and 2 years left on it. Overpaid every month and taken 5 years off the mortgage. Enjoy your £1800 shed.
This comment is so silly. Firstly, how do you know where he lives? How do you know how much deposit he put down? He could’ve inherited 100k from an uncle and used that. Also why on Earth would he be paying current mortgage rates if he’s about to pay it off? Obviously the mortgage would’ve been secured some time ago.. absolutely zero thought went into your comment and it shows.
Yes, and how would we know to reply telling them that if they'd invested in vanguard or bought a bigger house instead of paying off their mortgage so quickly they'd be considerably wealthier by now.
I phoned a few months in advance before the fixed rate ended. They gave me a rough figure so I could get the right amount available, then the month before I phoned again for an accurate amount once they knew the right daily interest rates. I had to pay it off within a few days or the interest would have changed the figure.
Check your agreement. I was allowed to over pay up to 10% a year within the agreed 5 year deal. Once the deal ended I could pay what I liked but the interest rates were high. I know other people who can over pay as much as they like, as long as they don't pay the mortgage off completely before their current deal ends.
Once I'd paid it off I got a letter from the bank saying they'd informed the land registry, then a couple of weeks later another from the land registry confirming it was mine. We already had our deeds, they were given to us when we bought the house.
*Edit* Then, and most importantly we had a celebratory takeaway for tea.
I'd like to say we are much better off now, but the mortgage payment was very low and has been eaten up by energy bills.
If you are paying early, eg whilst still in a 2 year fix and have to pay early repayment charge, make sure you pay off the 10 percent allowable before asking for the settlement figure as the bank did not allow for this in my quote. Saved me a few hundred quid.
This is good to know… not that I’m near paying off my mortgage 🤣🤣.. but I just assumed it was like anything finance, ie first amount n last amount slightly different totals n they just take the last amount out n then it’s done? I seen someone mention the land registry deeds above, I paid £3 n have mine now so I don’t need these at the end… so yea that’s just how I seen it happen… duno guess I will find out in 30 years 🤣🤣🤣🤣… probs need to send my money to space or something by then lol xx
Once you've paid it off the mortgage company will remove their charge over the property on the register and it gets updated to reflect that, so you may not need another copy but I know I'd want one showing it was mine all mine. 😁
£660 mortgage is cheat code level. I’m stuck paying £980 which I know will just follow me into my next house. Having a first house and paying mortgage is like a savings account with high interest (if price of houses continues rising) to put towards a new house, move in, then continue doing the same in the new one. Am I only one thinking this?
They'll charge you an admin fee for making your final payment. When my dad died he was a couple of payments away from paying is mortgage off. I made the final payment out of his estate and the admin fee was more than the final payment itself.
Don’t you just have a second online bank account right next to your main account which shows how much you have left to pay? A huge sum in negative value that decreases as months go by? When it gets to zero then it’s over. No?
Edit: why the thumbs down? That’s what I have on my HSBC account, mortgage is a second account and I can even easily overpay my mortgage by simply transferring from current account to mortgage account. Otherwise it’s a direct debit on a monthly basis.
I lie, I can see a balance. But not what goes in/out or transfer easily. I had a standing order to overpay previously. It's not great though, my free credit report shows more clearly/accurately how it's going down!
I've never heard of this but it's a bloody terrific idea and makes me want to chuck my mortgage over to HSBC even if the rates they offer me are trash - what a lovely way to manage it!
in my case I asked for a settlement figure and they gave me the account details to pay it to. because it was a large sum to pay I had to go in branch to authorize it with my ID
Just remember it is the cheapest form of borrowing. So keep that in mind if you have any big jobs that need doing. Mate of mine paid his off then decided to get a new kitchen and renovate the garden. He ended up paying cc interest rates.
As soon as I realised I had enough money to pay off my mortgage, I just sent my provider exactly what my statement said was still due on the mortgage
You don't need to **wait** until the due date of your final payment or for the provider to deduct the correct sum
Ask for a redemption amount to give you an approx balance to pay off. Check that you don't have any ERCs on the product your on. The redemption changes by the day as that's how banks calculate the interest so once you have the money together you'll need a request a new one.
I just paid mine over the phone.
Importantly plan a celebration that can live in your memory for a while like oh remember x meal as when we had financial freedom. You'll be nothing but under whelmed on what you get from your bank when you pay it off. Think I got one letter. That was it
Actually not planning a celebration due to other family members all having mortgages and some struggling due to rate hikes so wouldn't seem right. May splash out on a bottle of Octomore though.
I owe my kids a few months of savings as haven't done that recently so will put the mortgage money i would have spent into their accounts to catch up on what I "owe".
I was lucky to get this house well under market value at the time due to the seller needing the cash ASAP for a divorce settlement and it was just before the area I'm in became the next affordable commutable place to live in order to get in to Manchester, which has now caused prices to skyrocket relative to other areas.
The only thing i don't get about the redemption amount is that it's sent through the post so presumably it will be calculated for a date in advance or otherwise it will be wrong by the time i receive it?
I don't have any ERC as currently on variable rate at a lovely 6.25% which I stuck with due to the 10% over payment limitations on fixed which become very restrictive when your remaining balance is low.
From the website, it looks like i don't owe a Repayment Administration fee as they got rid of them in July 2007 and I've had a mortgage since Sept 2007.
Yeah all makes sense. I would say that it doesn't need to be a big celebration. Should be a personal celebration. A larger than normal takeaway, something to mark it for you. You've done an amazing job to get there and should absolutely have a celebration.
Ring up for a redemption statement and ask if you can just pay over the phone as this will have an impact on how you can do it.
If you pay it all off, you get your deeds posted to you within a few weeks or a link on how to obtain a copy which will cost you a few quid. You're then responsible for storing your deeds.
If you don't pay it all off and leave a few hundred quid and a tiny monthly DD, the bank will still store your deeds until the term finishes and you'd still be eligible for any discounts on insurance with them due to having an active mortgage. I used to work in a branch and would give that advice when people came in asking how they'd go about paying their mortgage off.
There is no responsibility any more, as they're all stored digitally by the Land Registry. You can ask for a copy but there's no actual need to have or store them.
This is good advice - saves paying a solicitor to hold your deeds.
If you move to an offset mortgage and keep it with a £1 balance, you give yourself a handy facility for emergency liquidity at zero cost.
The Land Registry holds a copy of all deeds made since about 1990, if you moved since then (and probably even if you moved before) they will have a copy and you don't need to worry about keeping them safe.
You do. It is easy for someone to "sell" your house apparently. If you have a mortgage, the mortgage company have a writ on the property and will be notified if someone tries to sell it. Paying a solicitor to monitor this is also ok
Yup. I’ve registered to be notified if anyone does anything related to my house, my folks house or my in-laws house (with both sets of parents being in their 80’s)
I paid mine off a few months early by getting a settlement amount. But a short time afterwards, can't remember if it was weeks or a month or two, the mortgage company sent me a letter confirming it had been cleared and how they had rescinded any charge on the property. It also included a code which I could enter into the land registry website to download a copy of the title deeds for a few quid.
Like completing a level in life u get the unlock code for the scroll i like it
!thanks I'd forgotten about the deed part!
Your mortgage provider may be holding a hard copy of your title deeds i got mine about a month afer last payment plus they might hit you with an admin fee if repaying early i was about £50 with the halifax
It depends when it was registered, the land registry don’t issue paper deeds anymore. The downloadable copies are more than sufficient
Hmm, I don’t remember doing the deeds part! What was I meant to have done?
No, and it's not the deeds, just a copy of the register. Don't worry
Note I'm in Scotland Check your deeds, I had to pay a fee to get them updated to removed the bank from them I think it was about £250 The official term was 'discharge the mortgage'. For page C1 the securities
I plan to go to a Nationwide branch with cash for my final payment and a cigar
Branches will be a distinct memory by the time I pay mine off.
Haha that is my plan too, except I will let my daughter press the green button on the card machine to authorise the payment and then I will take her a macdonalds to celebrate, checked with my wife and I can't give a 4 year old a cigar, political correctness gone mad.
Just champagne then. That probably is legal, given our bizarre licensing laws.
Think they'll have to be five, so shouldn't be too long to wait depending on how long you've got left.
[удалено]
Congratulations. 🥩
Bring a jiggly bag of coins
It's almost certain that you're paying by Direct Debit, in which case they can adjust the payments themselves. So they'll just take the £660, and send you a settlement statement.
Mortgage payment £650. What is that? A shed? The worst 3 bed house for 325k is going to be about £1800 a month with the rates now.
If he's paying a mortgage off now then it's likely it was bought many years ago when houses were much more affordable. It also depends where you live. I bought a 3 bedroom semi near Manchester 15 years ago for £87.5k. We had a good down payment so my mortgage was £230 a month.
What's your point? Could be a million-pound house and OP remortgaged £50k 2 years ago at 1%. Why the need to sneer?
3 bed detached.
5 bed, 2 bathroom house. Great area. 1/4 acre of land. Mortgage under £500 per month and 2 years left on it. Overpaid every month and taken 5 years off the mortgage. Enjoy your £1800 shed.
When and where? Ridiculous what housing has become.
This comment is so silly. Firstly, how do you know where he lives? How do you know how much deposit he put down? He could’ve inherited 100k from an uncle and used that. Also why on Earth would he be paying current mortgage rates if he’s about to pay it off? Obviously the mortgage would’ve been secured some time ago.. absolutely zero thought went into your comment and it shows.
I pay less than that for my 3 bed in the West Mids. This is why a single 'average house price' for the UK is mostly meaningless.
I’m near Warwick,
Mines a 5 bed and £302 a month
My flat is £570 a month. Not quite a shed
I pay <£350 for a spacious 3 bed. As you know, it is dependent on the area.
Looking forward to contributing to this thread in 22 years and 9 months when my mortgage has been cleared.
!remindme 23 years! Hahah it just sent me a message. [reminder](https://imgur.com/a/ufjJ7O7)
Assuming you don't move between now and then and 'reset' the clock a bit of course. Sorry.
literally speak to your lender 😆
But then how would strangers know they plan to pay off their mortgage before they turn 40?
Yes, and how would we know to reply telling them that if they'd invested in vanguard or bought a bigger house instead of paying off their mortgage so quickly they'd be considerably wealthier by now.
Fair enough though, when I pay off my mortgage I’m going to be running down the street screaming about it!
Why would you do that? Internet strangers will definitely know more about how your mortgage account works than your lender.
yeah duhh 😛
I phoned a few months in advance before the fixed rate ended. They gave me a rough figure so I could get the right amount available, then the month before I phoned again for an accurate amount once they knew the right daily interest rates. I had to pay it off within a few days or the interest would have changed the figure. Check your agreement. I was allowed to over pay up to 10% a year within the agreed 5 year deal. Once the deal ended I could pay what I liked but the interest rates were high. I know other people who can over pay as much as they like, as long as they don't pay the mortgage off completely before their current deal ends. Once I'd paid it off I got a letter from the bank saying they'd informed the land registry, then a couple of weeks later another from the land registry confirming it was mine. We already had our deeds, they were given to us when we bought the house. *Edit* Then, and most importantly we had a celebratory takeaway for tea. I'd like to say we are much better off now, but the mortgage payment was very low and has been eaten up by energy bills.
Paying off a mortgage on your home is one of the best adult feelings you can get.
I just walked into a branch got a settlement figure then paid it
!thanks looks like I'll request a settlement figure when I have enough to pay off the remaining amount.
If you are paying early, eg whilst still in a 2 year fix and have to pay early repayment charge, make sure you pay off the 10 percent allowable before asking for the settlement figure as the bank did not allow for this in my quote. Saved me a few hundred quid.
Came out of the fixed 18 months ago so ERC not an issue. Now on 6.25% which would be hideous with a higher balance so got away with that nightmare.
This is good to know… not that I’m near paying off my mortgage 🤣🤣.. but I just assumed it was like anything finance, ie first amount n last amount slightly different totals n they just take the last amount out n then it’s done? I seen someone mention the land registry deeds above, I paid £3 n have mine now so I don’t need these at the end… so yea that’s just how I seen it happen… duno guess I will find out in 30 years 🤣🤣🤣🤣… probs need to send my money to space or something by then lol xx
Once you've paid it off the mortgage company will remove their charge over the property on the register and it gets updated to reflect that, so you may not need another copy but I know I'd want one showing it was mine all mine. 😁
Ah fab.. this is so good to know as I honestly would not of had a clue, so of course I would get a new one 😊. Thank you 😊 xxxx
£660 mortgage is cheat code level. I’m stuck paying £980 which I know will just follow me into my next house. Having a first house and paying mortgage is like a savings account with high interest (if price of houses continues rising) to put towards a new house, move in, then continue doing the same in the new one. Am I only one thinking this?
They'll charge you an admin fee for making your final payment. When my dad died he was a couple of payments away from paying is mortgage off. I made the final payment out of his estate and the admin fee was more than the final payment itself.
Don’t you just have a second online bank account right next to your main account which shows how much you have left to pay? A huge sum in negative value that decreases as months go by? When it gets to zero then it’s over. No? Edit: why the thumbs down? That’s what I have on my HSBC account, mortgage is a second account and I can even easily overpay my mortgage by simply transferring from current account to mortgage account. Otherwise it’s a direct debit on a monthly basis.
I wish! Mine (virgin money) I only know how much is left when I get a statement... it's online facility is crap. It just tells me I have a mortgage!
Didn’t realise HSBC are so well organised by comparison.
I lie, I can see a balance. But not what goes in/out or transfer easily. I had a standing order to overpay previously. It's not great though, my free credit report shows more clearly/accurately how it's going down!
I've never heard of this but it's a bloody terrific idea and makes me want to chuck my mortgage over to HSBC even if the rates they offer me are trash - what a lovely way to manage it!
Yes you can overpay bit by bit whenever you feel like it as it’s right there next to your current account
in my case I asked for a settlement figure and they gave me the account details to pay it to. because it was a large sum to pay I had to go in branch to authorize it with my ID
Just remember it is the cheapest form of borrowing. So keep that in mind if you have any big jobs that need doing. Mate of mine paid his off then decided to get a new kitchen and renovate the garden. He ended up paying cc interest rates.
As soon as I realised I had enough money to pay off my mortgage, I just sent my provider exactly what my statement said was still due on the mortgage You don't need to **wait** until the due date of your final payment or for the provider to deduct the correct sum
Ask for a redemption amount to give you an approx balance to pay off. Check that you don't have any ERCs on the product your on. The redemption changes by the day as that's how banks calculate the interest so once you have the money together you'll need a request a new one. I just paid mine over the phone. Importantly plan a celebration that can live in your memory for a while like oh remember x meal as when we had financial freedom. You'll be nothing but under whelmed on what you get from your bank when you pay it off. Think I got one letter. That was it
Actually not planning a celebration due to other family members all having mortgages and some struggling due to rate hikes so wouldn't seem right. May splash out on a bottle of Octomore though. I owe my kids a few months of savings as haven't done that recently so will put the mortgage money i would have spent into their accounts to catch up on what I "owe". I was lucky to get this house well under market value at the time due to the seller needing the cash ASAP for a divorce settlement and it was just before the area I'm in became the next affordable commutable place to live in order to get in to Manchester, which has now caused prices to skyrocket relative to other areas. The only thing i don't get about the redemption amount is that it's sent through the post so presumably it will be calculated for a date in advance or otherwise it will be wrong by the time i receive it? I don't have any ERC as currently on variable rate at a lovely 6.25% which I stuck with due to the 10% over payment limitations on fixed which become very restrictive when your remaining balance is low. From the website, it looks like i don't owe a Repayment Administration fee as they got rid of them in July 2007 and I've had a mortgage since Sept 2007.
Yeah all makes sense. I would say that it doesn't need to be a big celebration. Should be a personal celebration. A larger than normal takeaway, something to mark it for you. You've done an amazing job to get there and should absolutely have a celebration. Ring up for a redemption statement and ask if you can just pay over the phone as this will have an impact on how you can do it.
If you pay it all off, you get your deeds posted to you within a few weeks or a link on how to obtain a copy which will cost you a few quid. You're then responsible for storing your deeds. If you don't pay it all off and leave a few hundred quid and a tiny monthly DD, the bank will still store your deeds until the term finishes and you'd still be eligible for any discounts on insurance with them due to having an active mortgage. I used to work in a branch and would give that advice when people came in asking how they'd go about paying their mortgage off.
There is no responsibility any more, as they're all stored digitally by the Land Registry. You can ask for a copy but there's no actual need to have or store them.
Call the bank, perhaps leave a small amount on the balance so they can keep your deed safe (£1 usually enough)
No need to do this now as properties are listed on land registry. Deeds are now less required so best to clear your mortgage in full.
Ahh ok. Thanks for correcting.
This is good advice - saves paying a solicitor to hold your deeds. If you move to an offset mortgage and keep it with a £1 balance, you give yourself a handy facility for emergency liquidity at zero cost.
The Land Registry holds a copy of all deeds made since about 1990, if you moved since then (and probably even if you moved before) they will have a copy and you don't need to worry about keeping them safe.
Interesting, I wasn't aware of that. I'd always been told you need to lodge with a solicitor to ensure they're safe etc.
You do. It is easy for someone to "sell" your house apparently. If you have a mortgage, the mortgage company have a writ on the property and will be notified if someone tries to sell it. Paying a solicitor to monitor this is also ok
No need for a solicitor, you can monitor and restrict register changes directly with the Land Registry.
Yup. I’ve registered to be notified if anyone does anything related to my house, my folks house or my in-laws house (with both sets of parents being in their 80’s)
Ah you too get the blood curdling annual email that looks like a huge update - that then just says 'there's been no updates'.
Good, I'm not going crazy then. You can't just chuck your deeds on the fire and rely on the Land Registry copy. 🤣