My last payment was made today so what happens next? Do i need to do anything else? or will everything be taken care of.
I think you need to get it discharged, easy job for lawyers.
No, the massive weight on your shoulders disappears by itself.
Yeah - you'll need to get a discharge letter and you may well end up with a copy of the title deeds to look after!
I can't offer any advice but I will say congratulations. Just another 30 years and I'll be in the same position as you!
Aside to finalising things with you mortgage provider, no - there's nothing else to do. You need to get yourself a nice fireproof safe to store the deeds in. They'll be returned to you soon - that's when it'll sink in that it's your property 🙂
Make sure you get a copy of the deeds or they may offer to look after them for you for a nominal fee
I have read that some banks charge an extra fee for releasing the deeds and actually closing the account but hopefully not yours! Must be a great relief for you, well done. you can start to really add to your bike collection now 😀
and now go buy yourself a new bike 😀
If you don't need to then perhaps don't close it off and discharge your mortgage, if you need to borrow again from the bank then generally it's already in place. The fact the bank has a security over your property doesn't really matter.
Keep as small a balance as possible and go interest only and your lender will look after your deeds.
I paid off mine a couple of weeks ago and am expecting the deeds any day soon! Great feeling to have!
As above it might be worth thinking about keeping a nominal balance so you can borrow more easily at a later date. I decided not too for various reasons.
If.you keep a nominal balance, aren't you still subject to annual arrangement fees (not that it concerns me - got over 20 years on mine 🙁 ).
"annual arrangement fees"? Never heard of them.
I did that thing with the low balance for years (like a couple of hundred quid) but had to pay it all off due to moving house.
We paid ours off on new years eve.
Took in a chunk of money and they gave us a penny change.
That penny is now in a frame and taking pride of place.
Had a letter from the land registry,shall respond to it tomorrow and report back.
Congrats. Im at the point were I could move to a bigger place in a nicer area but have to borrow a shit load of money or I could stay put having a few years left on my mortgage and make do. Is it worth it I ask myself.
[i]"You no longer need to hold title deeds to prove you are the owner of your registered land or property, as we hold details of all registered land or property electronically."[/i]
From [url= http://www.landregistry.gov.uk/public/faqs/where-are-my-deeds-kept ]here[/url]
"You no longer need to hold title deeds to prove you are the owner of your registered land or property, as we hold details of all registered land or property electronically."
Given how easily computer systems crash, one might think a paper backup is wise...
A colleague has retained £1 in an account with the mortgage provider for them to retain the deeds. Well done, well worth treating yourself with that first mortgage payment saved next month!
I'm in the process of remortgaging, so some way to go, but the new lender say they will send us the deeds as they don't need to hold them anymore.
Make a will with your solicitor and they will hold the deeds with the will.
As for keeping deeds, my mortgage provided doesn't keep deeds as they have this stored electronically. So instead I have it stored at a local solicitors which they do for free. That maybe worth looking into if storing them becomes a problem for you?
The Land Certificate is, indeed, held electronically/centrally these days. However there is no such repository for Planning Certificates, Building Warrants and such. This may, or may not, matter to you.
Deeds don't mean anything these days, so no need to worry about them. You can get another set sent to you for a nominal fee if you lose them.
Mainly repeating what is above, as I paid off my mortgage early, there was a final fee to pay (£50). Well worth just talking to your mortgage company to confirm this - I'd thought I was free and clear, phoned to ask about my titles & they mentioned the final fee awaiting payment...
Again Land registry now hold the titles "for your security".. you can request a copy of the title for a fee, but if you have a secondary contact details (I don't live in my property), by registering that (including a passport 'type' photo) you can get it registered and a copy free.
Well done.
I've have an offset mortgage which has seen a positive balance once, so I'm wondering about this myself
Don't pay it all off. 18 years ago I paid all but a£100 off my Woolich mortgage and a couple of years later they gave me a pile of shares when they demutualised. These all ended up with pay offs from the Halifax and Alliance & Leicester in a FTSE 100 tracker fund. A week or so ago when the index hit 6800 again I cashed in half of them and next week I'll be paying off most of my current mortgage with money I did nothing to earn.
I've have an offset mortgage which has seen a positive balance once, so I'm wondering about this myself
I waited until I had a reasonable +ve balance and then closed the mortgage. Always good to have available funds just in case your company folds the day after you paid the mortgage off...
Final mortgage payment December this year. Mortgage free at 45! Happy Christmas to us. Some risks taken and sacrifices made but it looks like it will pay off.
Should be able to do this shortly myself and didn't expect there would be anything to do other than give the build soc some money and wave goodbye. We're in a fixed period and will pay off all but £1 between May and next July. No charges to pay as long as we don't pay off that final £1 as it's an offset.
Student loan only has one more monthly payment left too. There will still be debt on a flat my wife lets out but the rent covers that. The joys of living a quiet lifestyle without overspending! Now to start some kind of retirement plan! 33yr old with no pension due to running my own wee business and I've no idea what would be best for the future, scary.
How old are people with no mortgage ?
Paid mine off when I was 37 (6 years ago)...
That's amazing!
As above, 33, but we didn't get a maxed-out mortgage and don't spend a load in everyday life. Plus we work hard.
Was 39... I say was as about 6 months later I finally gave in to the wife and we bought a bigger house 🙁
How are people doing this?
Was it buying straight out of Uni?
Living (and borrowing) well within their means?
Using inheritance to pay it off?
I had the advantage of age i.e. house prices weren't so insane when I bought, so I paid a mere £91k for a house that is now worth £450k+.
Hence paying the mortgage off early wasn't that hard....
I would imagine when you bought helps massively.
I bought my first house 7yrs ago, if i'd bought it 10yrs ago I'd be in a very different position.
How old are people with no mortgage ?Posted 13 minutes ago #Report-Post
48. We took our mortgage out 7 years ago on a fixed.
When we came off the fixed due to the low interest rate it halved.
Some people would just pay the half we left our payment as it was then maxed to what we could afford.
It was a real eye opener seeing what a difference 2% made. Not whacking as much as humanly possible into your mortgage while rates are low is madness. Pay what you can now as you'll be saving twice as much compared to when they go back up.
Has a sucession of houses since 1987, sold some bought some, a bit of luck later and been mortgage free for 6yrs now. The day i paid it all off was sureal 🙂
Edit: im 45
Staggered that people are paying a mortgage off in their 30s!
I've got friends that haven't even settled down or bought a house and are approaching 40!
We bought in 2009 so no cheap housing rates unfortunately. Our generation has a hard time and are going to struggle when we're older... one reason why I don't pay attention to pensioners' complaints about money most of the time (knowing fine well many of them are sitting on money that they have learned not to spend).
We didn't go overboard with the house - it's just a wee 3-bed semi, probably 2.5x our combined wages. It would be a dream to get a detached house one day with a space for me to change my mucky bike gear and a dining room, but for now it's a table in the lounge and hopping about in the hallway on a rug with the mucky stuff! No complaints, life can be quite stress-free if you choose to make it that way.
A week or so ago when the index hit 6800 again I cashed in half of them and next week I'll be paying off most of my current mortgage with money I did nothing to earn.
You should probably check your position regarding Capital Gains Tax. Might be worth you waiting until the next tax year.
Staggered that people are paying a mortgage off in their 30s!
I'd be impressed if you could do that starting out now in the SE, house prices have risen insanely in the last 10 years.
Inheritance, so age is of no relevance, I'd prefer to still have my parents over being mortgage free
