Repayment of BTL mortgage

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    Repayment of BTL mortgage

    I have a BTL mortgage with TMW. The mortgage was organised by my broker.

    I want to make a one off payment for the whole balance. Do I have to go through my mortgage broker? Or can I go directly through TMW.

    Quite specific but thanks in advance.

    #2
    Yes indeed you can deal directly with TMW even though the mortgage was arranged on your behalf by a broker.
    i am assuming that the mortgage is outside of its original mortgage incentive period, I.e 2/3/5 year product putting aside the full term of the loan facility.
    Assuming that it is outside of its Early Redemption Penalty, you need to ask TMW for redemption figures to the date which you intend to redeem the loan. Ensure that you have everything in place to remit by BACS the full amount due including any fees attributable to the redemption. They in turn will seal the deeds as being paid and notify the Land Registry that their charge is no longer in force.
    Hope this snapshot gives you the answer you are seeking.

    Comment


      #3
      If OP is already charged interest at "standard variable rate", does this mean the outstanding mortgage loan can be repaid without penalty ?

      Comment


        #4
        If the loan is outside of its original incentive period then the answer is a categoric yes Unless and doubtful in current product schemes there is an extended Early Redemption Penalty. It will all be mentioned in the Mortgage Offer and the Illustration which was provided at the outset.

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