Crosswords3 mins ago
Selling a house
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For more on marking an answer as the "Best Answer", please visit our FAQ.The mortgage lender has an interest in the house (the Deeds will be stored with them) so in order to complete the sale you will have to repay the outstanding capital loan from them from the sale proceeds. If you use a solicitor this happens automatically.
Whether or not there is a penalty depends on the terms of your mortgage. If you're half way through I'd be surprised if there was one. Lock in clauses don't usually last that long in this competitive market. Dig out your mortgage documents and check or better still talk to the lender.
But yes, you get to keep the rest. That's why people invest in property!
Sorry dannydingbatbat - you are not quite right. You won't be able to retain a small mortgage if you don't own a property any more. There is nothing for the lender to secure the loan against. And if you've sold the house, you won't have either a LR registry entry or the deeds (for unregistered land).