[Closed] Paying off my mortgage

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.

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

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?

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

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)

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.

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

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.

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.

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...

Done! Now to enjoy the rest of the day 😉

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

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?

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

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.

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.

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

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

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.

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.

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.

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.

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

It is the official source.

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.)

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

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.

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.

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.

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.