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i know a couple who have just taken on a 379k mortgage on a new build - on 5% deposit which is purely(and importantly wholely) the equity from their previous house sale + 20% help to buy loan.
they are reliant on being able to release equity to pay the loan off when the term is up BUT they will probably win on the gamble if they time it right as they are in the north east of scotland (upcoming commuter satalite to aberdeen)
just the repayment on that alone would cripple me.... and unless im doing something wrong we earn similar amounts.
How big are the Mortgages that have been paid off?
Mine was 150k but like i explained it wasn't paid off over 25yrs of £xx payments, i made cash on houses as i moved, plus lots of luck and het presto!
those figures are scary trail-rat, very scary.
bad news for those expecting a wad of deed like papers to land on the door mat... they are held electronically at the land registry so no paperwork.. HOWEVER a big plus if your balance is less than a grand nationwide cant be bothered holding such a small mortage and wipe it off..
bad news for those expecting a wad of deed like papers to land on the door mat... they are held electronically at the land registry so no paperwork.
I got mine back. Very unexciting and uninformative they were too...
A.
75k mortgage paid in around 10 years, lots of hard, work overtime and senible spending (well mostly). I was 35.
Then a fuse went in the ex girlfriend, long story short I needed to remortgage to buy her out, house value agreed at about 145K.
So 10 year on I'm paying a 70+ mortgage on the same house.
That'll teach me 😯
Paid of our mortgage two years ago (43yrs old at the time) which was £220k. Still might pay the £8 to the land registry for the deeds if I can be bothered! Weird feeling not seeing the big amount at the end if the month go out of the bank account. It was an amazing purchase of a start up business that I worked in for 7yrs. I feel very lucky.