Mortgage Closing Fee

[tlohan]

Hi,

I am almost finished paying off my Mortgage and asked about paying off the last amount prior to the final due date. The TSB Permanent, whom I've my mortgage with, sent me a letter saying that they would charge 35 Euro for handling fees and a further 35 Euro for Deed of Redemption (or something like this).

I can accept that if I close my account early there may be handling fees but what I do not understand is why there is a 35 Euro fee. What is this? Why, after years and years of paying a mortgage do I now have to pay and extra fee?

Cheers,

Tom

 

[tonka]

to deregister the mortgage from some central list of mortgages in Ireland so that the bank no longer has 'an interest' in your property. Solicitors can charge even more than €70 for that deregistration IIRC .

Put it another way, it will cost you €70 to FINALLY become a Home owner as distinct from a Mortgage owner.

 

[mf1]

Currently, when issuing a letter of loan offer, the lending institution set out all the costs, fees, charges etc.,etc associated with taking out the loan, dealing with the loan, discharging the loan. On an old loan, this may not have been done initially but it would be standard practice.

On payment of the charges and on final payment off of your mortgage, they will release to you ( or your solicitor) your deeds and the Vacated Mortgage Deed. That Mortgage will however continue to show as a charge on the property on searching the Registry of Deeds or Land Registry so you then have to lodge the Vacated Mortgage in either of the above as appropriate and it is something you can do yourself.

mf