03 Aug 2022

Who is responsible for discharging a mortgage?

Discharge Responsibility

Discharging a mortgage has only two responsible parties, the lender and the borrower. The lender handles the paperwork, while the borrower pays the discharge fee. As soon as you complete your last repayment on a loan, the lender will send the application to discharge. They are discharging from the property, while you are discharging from the loan.

The lender cannot give the title without the form being complete and paid. Mortgage House lenders can walk you through the process by providing tips and tricks for choosing the best mortgage interest rates and borrowing amount. If you do not know how much to borrow, Mortgage House offers a free online mortgage calculator. The calculator asks for three pieces of information, including your desired interest rate, borrowing amount, and terms. 

Using the calculators and free tools, you can find an estimate for what you will repay monthly or fortnightly. Depending on your monthly budget, you can also find a borrowing amount. Mortgages can be confusing, even with free online mortgage calculators. Our Mortgage House experts have years of experience and can help you understand discharge fees and how to fill out the form.

Discharge Responsibility Conclusion

Overall, the lender is responsible for discharging a mortgage. They are the ones who hold the title and the power. As soon as a borrower pays the final mortgage discharge fee, the lender can start the paperwork process and hand over the certification and title in the name of the new owner.

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