Bank insists we pay off whole mortgage

[Cobblersandhogwash]

We have sold some of our land to a house builder. They will build six houses on it.

The bank is insisting on taking all of the money from the sale to pay off our mortgage in its entirety. Our solicitor tells us this is standard practice as the bank wants to protect its security.

The land without planning permission was not worth much.

With planning, it'll pay off the mortgage. But we wanted to do other things with the money.

Is there anything I can do?

Need to find out if we have to pay extra cos we are paying off mortgage wary.

If you remortgage with the same bank at the same time to release the equity you want for your other project then they may well waive any penalty for early redemption.

it would still be less than if you paid over the 20 odd years (orwahtver the term was)

OP I’m gobsmacked that you haven’t already researched all this when doing the cost/benefit analysis of whether you should sell... surely you want to make sure you have a decent profit, and all this is pretty basic stuff?!?

@Dyrne don't worry. We've made a lovely profit.

Agree with Dyrne, this shouldn't have come as a surprise, didn't your solicitor tell you in advance this would happen?

You should of kept the land and built on it yourself

@Reaah we would have had we the funds to do so.