Viewing 30 posts - 1 through 30 (of 30 total)
  • Paying off my mortgage
  • thepurist
    Full Member

    It’s an interest only mortgage, originally with Woolwich but now rebranded as Barclays. I’ve been overpaying for years so might as well clear the rest now. The official process looks pretty simple but I’ve heard it’s sometimes worth leaving a tiny balance outstanding to avoid hassle with deeds etc, but not sure if that makes sense when it’s only 9 or 10 years until maturity anyway and deeds will need sorting then regardless.

    Any experience from you lovely people?

    breadcrumb
    Full Member

    When we cleared the mortgage on our last house we put the deeds with our solicitor. I think it was a one off payment of £10-20.

    mrmoofo
    Full Member

    Just pay it off … and surrender charge will be minimal. Then the house is yours

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    stumpy01
    Full Member

    One of the reasons I regularly hear for hanging onto the mortgage, is if you want to borrow money for something like a large extension, or other home improvements.

    Perhaps consider if this is something that you need/want in the future?

    tomhoward
    Full Member

    You’ve been overpaying an interest only mortgage? As in paying off some of the capital? Or just paying extra interest?

    thepurist
    Full Member

    Thanks so far

    Clearing the capital tomhoward – I’m no financial whizz kid but I ain’t that dumb!

    No likelihood of wanting to borrow that I can see, so no compelling reasons to keep it (so far)

    kilo
    Full Member

    We paid ours off in full no idea where the deeds are and as it’s a regular oldish terrace house the land registry will have details of our ownership.

    nickjb
    Free Member

    If you have nothing else to do with the money then you might as well. You should be able to make more by investing the money as mortgage interest rates are so low but that concept doesn’t appeal to everyone

    wobbliscott
    Free Member

    My dad rents out his house since he moved in with his new wife and keeps a small outstanding balance running for ‘tax reasons’. Bloody tax dodger.

    Not sure there is a tax benefit in the case of a domestic mortgage though.

    thepurist
    Full Member

    Actually the mortgaged property is let but all the tax benefits from mortgages seem to have been stopped in recent years. And on a small amount they equated to naff all anyway – I’m not rich enough to go all paradise papers on it.

    oikeith
    Full Member

    Years gone by when I worked in a high street bank people would leave £1 on the mortgage so that they could borrow against it in the future if needed and so that the deeds where stored somewhere.

    If you have no need for those services then pay it and be free…

    thepurist
    Full Member

    Done! Now to enjoy the rest of the day 😉

    cheekyget
    Free Member

    I’m about halfway though my mortgage …I think about 4 years in the bank sent us all the deeds .
    Thinking about it now…is the house mine?…lol

    tthew
    Full Member

    I’m in a position to do this next year, and I’ve thought about the deeds thing. Will I be sent a pack of ‘stuff’ through the post? I’ve never had anything even temporarily in my possession while moving or changing mortgage in the past.
    Do these mysterious papers flow through solicitors and banks like a Ninjas through a cat flap?

    Stevet1
    Free Member

    Deeds these days seem to be electronic. You don’t get a nice scroll of paper with Deeds in gothic writing along the top that you can slap down on the table in a high stakes poker game.

    footflaps
    Full Member

    and I’ve thought about the deeds thing.

    They returned mine to me by post.

    It used to be the owner of the deeds owned the house, but that changed years ago, so the deeds are now worthless. You can always get a new set from Land Registry for a nominal fee.

    Matt24k
    Free Member

    Check if there is a redemption fee. Mine is £300 so I currently pay 69 pence a month to keep the mortgage and the facility to borrow £70k at base rate plus 0.75% whenever I want.

    grenosteve
    Free Member

    We got our deeds when we bought the house, so approx. 15years before the mortgage will be paid off!

    esselgruntfuttock
    Free Member

    We paid ours off earlier this year, but we stayed ‘in credit’. The mortgage company owe us 12p.

    mudshark
    Free Member

    I owe £10k but have more than that in the offset current a/c, if I ever fancy a Porsche it’ll just go onto my mortgage – 0.49% above base.

    zippykona
    Full Member

    I took a large wad of cash down to the Nationwide paid it over and got a penny change.
    We framed that penny.
    Most satisfying.

    tonyg2003
    Full Member

    I was definitely in the pay it off and get it done point of view when we paid ours off. Nothing against the arguements is leaving £1 on the mortgage or the faff of having the deeds, but just somewhat irrationally wanted to own the house outright.

    whitestone
    Free Member

    We asked about leaving a small/token amount in the account but the lender (Halifax) didn’t want to know so we paid it all off and were sent the paper deeds.

    Any property sale or change of ownership within recent years will be registered with the Land Registry which is to all intents the official list of who owns what.

    footflaps
    Full Member

    which is to all intents the official list of who owns what

    It is the official source.

    outofbreath
    Free Member

    Any property sale or change of ownership within recent years will be registered with the Land Registry which is to all intents the official list of who owns what.

    Interestingly, I found out this month that it’s perfectly legal to sell property without ever telling the land registry. (The local authority are trying to enforce a planning notice on the owner of some nearby land and one of the impediments is that the property has changed hands without the land registry being informed so nobody knows who the owner is.)

    stumpy_m4
    Free Member

    I got sent my deeds yrs ago and ive still got 8 yrs left to pay , I had a letter saying they were kept electronically up in Scotland now , hence them sending me the paper deeds

    poolman
    Free Member

    Well done, brilliant feeling paying it off.

    I paid my mortgage off ages ago, however i recently asked my bank if i could borrow some cash for a property amd was told as i had no debt i couldnt prove i could manage debt, so no lending offered. They told me to borrow some cash and prove i could manage the repayments.

    I declined their advice.

    Gary_M
    Free Member

    I paid my mortgage off ages ago, however i recently asked my bank if i could borrow some cash for a property amd was told as i had no debt i couldnt prove i could manage debt, so no lending offered.

    That’s one of the reasons I buy everything on a credit card and pay off the balance each month.

    It’s always good to keep your credit score high.

    poolman
    Free Member

    I do spend on my cc but pay off the balance monthly. My credit score is rubbish as i have no known track record of managing debt. Funnily enough i know someone at a big ratings agency, apparently an unknown payer is worse than a known bad payer.

    Gary_M
    Free Member

    How did you get a credit card then? And if you’re paying the balance every month that’s you managing ‘debt’. Seems a bit odd.

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