Clearing Mortgage with a lump sum - what happens next?

I

Irish Wolf

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So, here's a probably stupid question.

I'm planning to clear my mortgage in March with a lump sum, apart from the staff of EBS coming around for a party, or them handing me a paper IOU for "one house", what should I expect?

Any extra fees from the lender (SVR mortgage)? Or from the solicitor (not sure he's still alive tbh)?

WTF do you do with house deeds?
 
I'll be in the same boat in September as our very tiny mortgage will be gone then! I'd also be interested to hear what happens next. In all our (15)years with EBS they never once came near us offering us top ups or extra dosh to buy holidays homes etc. All we ever got was a mortgage statement.
 
Just bumping this I cannot seem to find a clear, simple guide as to how to interact with the PRAI for example. Their website is appalling. Do you need the services of a solicitor? Are there places to store deeds? That sort of thing.
 
I paid off my mortgage last April and recieved a final satatement from BOI but no deeds, afaik you have to request them from the bank.
Right or wrong I've decided to leave the deeds with the bank because as far as I'm concerned the bank held the deeds as security while I had a mortgage on the property and it should be them that start the process of returning the deeds to me as they are no longer needed as security.
Another reason is it isn't costing me anything to leave the deeds with the bank and as I'm not planning on selling the house I'm pretty sure they as safe there as any other place and if I do decide to sell the house I'm sure it will be a small cost to add to the cost of selling a house.
 
Irish Wolf said:
So, here's a probably stupid question.

I'm planning to clear my mortgage in March with a lump sum, apart from the staff of EBS coming around for a party, or them handing me a paper IOU for "one house", what should I expect?

Any extra fees from the lender (SVR mortgage)? Or from the solicitor (not sure he's still alive tbh)?

WTF do you do with house deeds?
Click to expand...
My SVR BTL contract with EBS states there is a 3 month interest penalty when loan is repaid early or lump sum paid off.
 
My solicitor has the deeds of a property I own and he said to me that he has a pile of deeds locked away in storage. he does not charge for this service afaia but may have added a fee when I was buying (doubtful). I remember back in the day when my parents paid off the mortgage they got the deeds in the post and gave it to same solicitor for safe keeping. The family home was sold a few years ago and he still had the deeds. I have no idea whether the banks charge for releasing the deeds though.
 
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