What happens when Mortgage is paid off?

veryangryman

So im reaching the arsse end of my payments on this, probably finito by year end.

What happens after? Do i get the deeds sent to me?

coylemj

Probably depends on your bank if they want you to take back the deeds. But chances are that when you signed your mortgage, the small print of the contract said that your house would remain as security for that loan and any future loans you took out with that bank.

So as long as you remain a customer of that bank, they may just hang on to the deeds in case you take out any loans from them in the future. When you've made the last repayment, ask for a closing statement showing a zero balance to be 100% sure that the loan is cleared and then do nothing, see what happens.

KingCong

They'll keep the deeds until you request them. See more info in this article

Mongfinder General

It's at this point the missus starts looking at you and thinking what do you I need this fella around for?

amber2

They keep them until you request the Deeds be released back to you in writing. Just worth noting that banks no longer provide safekeeping options so if you don’t have somewhere safe and fireproof at home may be worth considering leaving them there.