How (on the day) to pay off a mortgage?
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I've an outstanding mortgage that I can pay off, and intend to do so, however, how to actually do this?
When I spoke to my bank it was a case of "just come in and we'll transfer the money over" - seems straight forward...
When I spoke to the lender (Nationwide) they gave me a sort-code, account number (and when I pressed for how they'd resolve the payment as mine, they finally remembered, "oh, and include your mortgage reference as a comment on the transfer") - seems straight forward...
But, I'm wondering now, why can I not simply perform the transfer myself via electronic banking? (seems daft involving till-staff, and presumably £££ at the bank if this is something I can easily do at home).
Anyone closed down a mortgage themselves with NW?
When I spoke to my bank it was a case of "just come in and we'll transfer the money over" - seems straight forward...
When I spoke to the lender (Nationwide) they gave me a sort-code, account number (and when I pressed for how they'd resolve the payment as mine, they finally remembered, "oh, and include your mortgage reference as a comment on the transfer") - seems straight forward...
But, I'm wondering now, why can I not simply perform the transfer myself via electronic banking? (seems daft involving till-staff, and presumably £££ at the bank if this is something I can easily do at home).
Anyone closed down a mortgage themselves with NW?
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My neighbour had a problem when he tried after his mother-in-law died, his lender wss quite difficult.
I had no problem paying mine off as it was with the bank I worked in and in those days staff had a good rate of 2%, those days are now over I believe.
I would make an appointment at the NW see a manager and discuss the matter, if they agree you can pay off the mortgage, a date will be agreed upon when the interest will be calculated and then your funds can be transffered.
I paid mine off about a month ago. My mortgage and current account were with the same bank, Halifax. I went to the cashier, said I wanted to pay off the mortgage, and handed over my bank card to make the transaction. The repayment figure was within a pound or two of what I'd estimated, including a £50 repayment charge. They did ask where the funds had come from, for money laundering purposes, I suppose, but there was nothing difficult about it.
If there are deeds, yes. You don't actually get paper deeds these days all the information is just available from the Land Registry site, if and when you need them.
If there are deeds, the bank will usually send them to you once all the paper work has been done and dusted. Some will also offer to continue holding them for you, for a fee if course.
With the Halifax, we were offered a deedholder service (or similar name) in 1999 when we paid off the mortgage loan. We still have a mortgage loan with an outstanding balance of £125, on which we pay no interest. Halifax continue to hold the deeds. I assume it's so the can boast of the number of customers they have, and I don't know whether they still do it.
The advice on £10k/day is useful, that's enough to make me think that I'd be best going into my branch to organise it.
Thanks, all.
Transferred money a couple of days before the deadline, checked with Santander that all was OK, job done.
Received deeds etc within one week, followed by a cheque for the sum of £6.02 as overpayment on a 25 year mortgage totalling repayments of about £150,000.
Generous eh!