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Hi everyone,
I don't suppose there are any of you here who have experience in paying off their mortgage (very) early via a large lump sum, or do any of you work for a mortgage lender, or is a mortgage advisor?
I have recently been fortunate enough to be offered a lump sum of money from a relative, to help settle our mortgage.
I have had the mortgage since December 2016 and have never missed a payment. I have another 22 years left to pay it off.
If I were to accept the offer, and pay off our mortgage this early (within 3 years, out of the 25 years). Will this trigger alarm bells with the mortgage lender, and will the payment be treated with suspicion as to where I had acquired such a substantial lump sum from (e.g. money laundering, fraud, criminal activity etc).
Have any of you done exactly the same thing, and have the payment go through smoothly without issue? e.g. Payment received and balance fulfilled. Closure of mortgage account, and receiving letter of confirmation from lender. Getting the deed to the house. Or did you have your payment frozen, and questioned?
First of all, for clarity. I am not trying to do something illegal! The money offered by my relative has been earned legally, and from a savings account.
The reason I am asking is because I am stuck in an odd (and frustrating) situation at the moment. The same relative is the one who helped us pay for the deposit on our house. But when we initially applied for the mortgage, he had to jump through hoops, involving his solicitors etc to get the funds cleared. A part of it required him to provide the lender with 6 months worth of bank statements, to prove that the funds had been available for a lengthy period of time. Not funds that had mysteriously popped up in his account and left just as quick etc.
As an old fashioned, traditional person that he is, he was very upset by this process and angry, as he thought it was an invasion of his privacy. He said he had done nothing wrong and broke no laws, but felt like he was being treated with suspicion/like a criminal. He said he would never want to go through that again.
I'm sure some of you here are enjoying a mortgage free life, and some of you, like myself, are dreaming of the day.
My predicament is that I now have funds to potentially life a mortgage free life, but if payment is not as straight forward and smooth as it seems with such an early/large payment, and it does get questioned, said relative will refuse to aid in the clearance of the funds because they are fiercely defending their right for privacy.
Any advise at this point will be immensely appreciated. Will the evidence we/he supplied in 2016 to prove the funds were not obtained illegally, suffice as proof this second time round, if it was paid out of the same savings account? The lender should still have those documents on file should they not?
I don't suppose there are any of you here who have experience in paying off their mortgage (very) early via a large lump sum, or do any of you work for a mortgage lender, or is a mortgage advisor?
I have recently been fortunate enough to be offered a lump sum of money from a relative, to help settle our mortgage.
I have had the mortgage since December 2016 and have never missed a payment. I have another 22 years left to pay it off.
If I were to accept the offer, and pay off our mortgage this early (within 3 years, out of the 25 years). Will this trigger alarm bells with the mortgage lender, and will the payment be treated with suspicion as to where I had acquired such a substantial lump sum from (e.g. money laundering, fraud, criminal activity etc).
Have any of you done exactly the same thing, and have the payment go through smoothly without issue? e.g. Payment received and balance fulfilled. Closure of mortgage account, and receiving letter of confirmation from lender. Getting the deed to the house. Or did you have your payment frozen, and questioned?
First of all, for clarity. I am not trying to do something illegal! The money offered by my relative has been earned legally, and from a savings account.
The reason I am asking is because I am stuck in an odd (and frustrating) situation at the moment. The same relative is the one who helped us pay for the deposit on our house. But when we initially applied for the mortgage, he had to jump through hoops, involving his solicitors etc to get the funds cleared. A part of it required him to provide the lender with 6 months worth of bank statements, to prove that the funds had been available for a lengthy period of time. Not funds that had mysteriously popped up in his account and left just as quick etc.
As an old fashioned, traditional person that he is, he was very upset by this process and angry, as he thought it was an invasion of his privacy. He said he had done nothing wrong and broke no laws, but felt like he was being treated with suspicion/like a criminal. He said he would never want to go through that again.
I'm sure some of you here are enjoying a mortgage free life, and some of you, like myself, are dreaming of the day.
My predicament is that I now have funds to potentially life a mortgage free life, but if payment is not as straight forward and smooth as it seems with such an early/large payment, and it does get questioned, said relative will refuse to aid in the clearance of the funds because they are fiercely defending their right for privacy.
Any advise at this point will be immensely appreciated. Will the evidence we/he supplied in 2016 to prove the funds were not obtained illegally, suffice as proof this second time round, if it was paid out of the same savings account? The lender should still have those documents on file should they not?