Paying off Mortgage

[Itsallaboutmebaby]

We are in the very lucky position to pay off our mortgage soon. I wondered, having never been in this position before, what happens next? Does the lender (after balance and any redemption penalty paid) post out the deeds? Where do you keep them? I know a family member kept there’s at the bank but that was in the days of high street banks offering storage.

im interested in this but are there actual deeds anymore? I thought it was all online at the land registry.

Waiting with interest, thanks OP

Bugger all. I got 2 letters 1) telling me the account was closed 2) telling me the charge had been removed from land registry. No fan fare, no flowers nothing to do.

Having done this quite recently with Santander, once the final payment was made we received an final statement showing our balance as zero. They do not automatically send copies of the deeds but the mortgage company will contact the land registry and transfer the property solely in your name(s). I think it's now done digitally so you don't automatically get a copy but you can request them for a small fee, I think.

Thank you. We are with Santander.