Once you've made the last payment on your mortgage loan,
the house is fully yours.
But the lender does not automatically give up its rights to your home.
1. Get confirmation from your lender that you paid your mortgage in full.
2. Request that the land registry update the title of your property by removing the lender's rights to your property.
It's important to get this done. You won't be able to sell your home / condo when there is a mortgage charge on it, even you don't owe any money.
There are circumstances when you may decide not to discharge your mortgage. For example, if you were planning to use the home as security for an investment loan - but this only makes sense if the investment loan would be from the same lender as your mortgage.