What happens when my mortgage is cleared?

AndyBoBandy

So I’m 4 months away from clearing my mortgage. It was taken over 20 years but will be cleared after 8 years 11 months thanks to regular overpayments (was variable for the entire term).

Whats the process once the balance hits zero? I assume interest will be calculated for the date after it’s applied in March, to the date of the final direct debit payment (mid April), and I would just make a final payment of that amount into the mortgage account?

Then what else? Will the bank contact me regarding title deeds? And I assume I’ll need to collect them?

Then also the land registry, I acquired a copy of the folio for my home a few months back and although it mentions me as the owner, it also mentions BoI as the creditor. So who/how does this get updated?

Will I at any point need to involve the solicitor that handled the purchase on my behalf?

Sorry for all the questions but this has kind of just crept up on us and I want to get a handle on the process.

Bank of Ireland: Eve

Hi there, thanks for coming back to us here.

Please be assured that there should be correspondence sent to you by post. You can certainly contact our mortgage team on 016113333 and my colleagues can look into this and discuss with you further.

Thanks, Eve

Bank of Ireland Reps

https://www.boards.ie/discussion/2058281217/what-happens-when-my-mortgage-is-cleared

Hi there, thanks for checking in with us today.

To discuss the above it would be necessary to give a call to my colleagues on 016113333. Our Mortgage Specialists will be happy to support and offer you guidance with the final stages of the mortgage. Team is available weekdays 9am-5pm.

Many thanks, Alison

Rochester

You'll definitely be spending a long time on hold trying to get through to them.

sugarman20

So I’m 4 months away from clearing my mortgage.

I'd recommend calling them now.

AndyBoBandy

https://www.boards.ie/discussion/comment/120155987#Comment_120155987

Do I really need to get the ball rolling with them sooner rather than later?

what needs to be done?

if I stop making overpayments then there’d be about another 8 monthly payments due before it’s cleared..

AndyBoBandy

Ok so I called, and got through to an operator almost instantly… (after I’d listened to a plethora of options first).

Theres nothing I have to do really…. She said when the account goes to 0 I’ll get a letter from them saying as much…

Regarding the deeds she said if I want them I need to write them a letter requesting them to be sent either to me or my solicitor, or if I wanted I could leave them where they are…. And that there is no charge for this.

Bank of Ireland Reps

Hi there,

We have some info here on title deeds that may answer some of the questions - https://bit.ly/3XBt6aJ

Our Mortgage Specialists on the number above can support you with any other questions you may have.

Many thanks, Alison

walterking

As they say, let them hold the deeds or transfer to a solicitor, but also on that day, open a bottle of champers, lift a glass and feel smug. You've earned it.

Bank of Ireland Reps

https://www.boards.ie/discussion/comment/120156133#Comment_120156133

Great to see, thanks so much for the update,

Alison

the_amazing_raisin

Congratulations @AndyBoBandy, I'm hoping to celebrate being mortgage free myself in around 5 years if all goes to plan 👍

AndyBoBandy

Just coming back to this.

The final payment was direct debited from my account this day 2 weeks ago, and the following day the mortgage account disappeared from my 365 Online (which was a bit disappointing I was hoping to see the balance update to €0, but hay ho),

When I spoke to the mortgage team back in January they said once the account was fully settled I’d receive a letter stating such, but as of yet I’ve still not received any communication from the mortgage department regarding the clearing of the mortgage!!

I was hoping for a letter which would confirm the account has indeed been settled…