Final Mortgage Payment

[buzzyb]

Hi all,

I am due to make my final mortgage payment next month.

I have been told I will have to make an exit payment to the bank. If that correct? If so, why when I will have made the last payment, cleared the mortgage and the interest?

I have also been told I will have to pay the bank to release the deeds on my property. Is that true?

All help and advice is appreciated

[ubasses]

You will have to go back to the original paperwork to find out what the terms and conditions were that you signed up to.

[RandyMarsh]

who is your mortgage with?, google redemption fee/sealing fee for that lender. :)

[Peter Pedant]

well did they tell you or was it Mrs Mopp darn the road ?

as Yewby says - it depends on the original agreement
Mine didnt - I just sort of paid the last payment

as for title deeds - I am pretty sure that all land in England is registered and so title deeds are not now used. The bank doesnt normally take the title deeds but may register the mortgage at the land registry ( or may not).
Sounz as tho Mrs Mopp has been gnawing at you again

[baza]

After I paid my last payment the Halifax B.S. asked if I wanted the deeds , I said yes and they are now with my will at my solicitors.

[woofgang]

We didn’t make an exit payment either. Our property was already on the Land Registry website with a “thing” (can’t remember the proper term) on the record saying that the bank had a mortgage interest in the property, which they “forgot” to remove once the mortgage was paid off and we had to chase them to do it. The paper house deeds, while they may be interesting, usually now have no legal standing.

[tandh]

can't really help with the questions,
but congrats on paying off your mortgage, think of what you can do with all that extra money now

[buzzyb]

morning all

thanks for taking the time to read and respond

all answers are very helpful :)

[Baldric]

We paid off our final Mortgage, on one of our Rentals a few months ago, did it with a Debit Card payment over the 'phone, got a letter from them (Bldg Soc.) the next day with a form to complete as to where the Deeds should be sent to.
Completed and returned form and Deeds arrived within a week, all very painless ;o)

[ToraToraTora]

let them keep the deeds they have no meaning anyway. yes you'll have to pay their admin fee.

[paddywak]

When I was made redundant from BC, in 1992 I recieved a significant payment and after some discussion Trish and I decided to pay the mortgage off.We were given a pay by date and a settlement figure but just what it comprised off I couldn't say. We paid it off and about a fortnight later we got a letter to pick up the deeds and that was that we owned our own home.