how to pay a mortgage back UK?

Question

I have sold my house and now want to pay my mortgage back how do I do it?

Answer 1

IF this mortgage is connected to the home that you just sold, the normal process upon receipt of the proceeds and transfer of the title (deed) to the property, the agency handling that transfer of proceeds usually contacts and provides what is necessary to pay off the remaining mortgage on the property you have just sold.

Now ... let's look at a little different situation: Say you own this property outright and you are trying to pay down (pay back) the mortgage on another property. Again, the agency handling the transfer of and receipt of the proceeds of the sale is going to make a determination here -- no mortgage on the sold property (owned outright), but he is going to issue the check for the proceeds, which you then take to your bank (or they may do this now by Funds Transfer so you do not have to have a check), and then you designate where the proceeds are to be paid -- like if you want to pay off or pay down the mortgage on this 2nd property, you go in and designate that is how you want the proceeds applied.

Answer 2

I assume the mortgage is not secured on the house you have sold. If it had been the solicitor dealing with the sale would have had to clear the mortgage in accordance with the charge registered at the Land Registry.

Where is the money now? If it is still with a solicitor you can request that he does a funds transfer to the mortgage company.

If it is your bank account just write a cheque, or use internet banking just like any other bill. Before doing this you will need to contact the lender and ask for a redemption figure so that you get the amount correct.

Make sure there are no penalties for paying off early or that you are happy with the financial consequence of doing so.

Answer 3

Tell the people you got your mortgage off and they will arrange it.

Answer 4

Give me the cash and I will arrange it for 20 per cent.