How do I pay off my mortgage in full?

Do I need a solicitor or conveyancer to pay off a mortgage?

You’ll only need a solicitor or conveyancer to pay off your mortgage if you’re remortgaging to a new lender, moving home or if there’s a second charge on your property. In these situations, a solicitor or conveyancer handles any legal charges and Land Registry details.

If you’re paying off your mortgage in full and none of the above apply, you won’t need a solicitor or conveyancer.

What’s included in the settlement statement?

Your settlement statement will show the total amount you need to pay. It’ll include any recent payments, interest charges, ERCs and other fees.

Why’s my balance different to the settlement figure?

Mortgage balance is how much you still owe on your mortgage. This is not the amount to pay off your mortgage in full  as it doesn’t include any early repayment charges or any other costs or charges that may be payable.

What’s the quickest way to get a settlement amount?

You can get this on the app or through online banking. A breakdown of all fees and charges will be included.

How long does a mortgage settlement statement last?

The mortgage statement is valid up to (and including) the date selected. If the date changes or the mortgage is not paid off by the selected date, you'll need to ask for another statement.

What are ERCs and how much will I need to pay?

Some mortgages have charges for repaying all or part of the mortgage back within a certain time. We call these early repayment charges (ERCs). You can find out how much you are likely to pay by requesting your settlement statement in the app, online banking, or by post.

When are ERCs applied?

The ERC is calculated and applied on the date we receive your payment. It might be best to wait until your ERC percentage lowers or ends before you make a payment. For example, if your statement shows your ERC percentage will go down on 01 July, making your payment on 30 June might mean paying more.

Is my next direct debit included in the amount to pay off my mortgage in full?

No. The amount to pay off your mortgage in full doesn’t include your next scheduled direct debit.

The direct debit process starts 5 days before it’s due. If you pay off your mortgage once this has started, the direct debit will still be taken. If this happens, it could take up to 7 working days for it to be refunded. Take this into consideration when you select the date you want to pay off your mortgage.

I have less outstanding on my mortgage than the next direct debit due. Will you only collect the outstanding amount?

No. We’ll collect the normal direct debit amount. Any extra amount will be refunded back to you once your mortgage is closed.

Will I need to cancel my direct debit?

If you paid your mortgage by direct debit, we’ll cancel it automatically.

Will I need to cancel my regular payments?

Direct debits

If you paid your mortgage by direct debit, we’ll cancel it automatically.

Standing orders

Cancel your standing order with your bank after your mortgage account is closed.

When will I get confirmation of payment?

You’ll receive confirmation that your mortgage has been repaid within 15 days of payment.

It can take several days for the payment to show in the app or in online banking. Once we’ve processed the payment, we’ll close your mortgage within 15 days. After that, it won’t show in Home Wise when you log in. 

Why has my direct debit been taken after I’ve paid off my mortgage?

The direct debit process starts 5 days before its due. If you pay off your mortgage once this has started, the direct debit will still be taken. If this happens, it could take up to 7 working days for it to be refunded. You’ll receive a refund for any direct debit taken in this situation.

I paid too much, when will you refund me?

If you’ve ended up paying too much, we’ll pay you back the outstanding money within 7 working days. You’ll receive your refund back to the account your direct debit comes from. Check your details are up to date.

If you haven’t received an expected refund, this will be sent once the mortgage has been closed. You should expect your mortgage to be closed within 15 days.

You should expect your mortgage to be closed within 15 days of the final amount being paid.

When will I get my property deeds?

If your property’s registered with the Land Registry you don’t need to do anything. Most deeds are held digitally at the Land Registry.

If we have your title deeds or your property isn’t registered with the Land Registry, you’ll receive them within 28 days of mortgage repayment.

When will the legal charges be removed?

England and Wales

You don't need to use a conveyancer to repay your mortgage. We’ll remove our charge at the Land Registry once your mortgage has been closed.

Scotland and Northern Ireland

If you’re already using a conveyancer, they’ll deal with the repayment and discharge for you. If not, you’ll need to ask a solicitor to remove our charge from your property once your mortgage has been closed.

What about my insurance?

You should review your insurance cover to make sure it still meets your needs.