Mortgage Discharge

The day you pay off your mortgage is sure to be a special one. After all, your mortgage is likely to be the biggest expense you ever take on and is a significant outgoing every month.

If you have the same income, you will suddenly have hundreds of pounds extra each month once your mortgage is paid off.

However, there is still work for your mortgage solicitors to do when you have cleared your mortgage.

Once the balance is cleared, your mortgage lender will inform you that you must contact your mortgage solicitor and have them carry out a mortgage discharge of the standard security registered in the Registers in Scotland.

Importance of mortgage discharge

It is vitally important that the mortgage discharge is carried out correctly.

If it is not done, you may have difficulty selling your home in the future, as you may not have access to crucial information that will be provided by a solicitor once they process the necessary mortgage discharge paperwork.

The lender may recommend keeping a small balance on the mortgage, as they will then be able to retain your deeds in storage.

Whatever you choose to do, property solicitors at Jones Whyte will be able to help you with your mortgage discharge, ensuring that all paperwork is completed and everything goes smoothly.