Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • msa969
    • By msa969 3rd Dec 17, 9:05 AM
    • 9Posts
    • 1Thanks
    msa969
    pay of the mortgage what happens next?
    • #1
    • 3rd Dec 17, 9:05 AM
    pay of the mortgage what happens next? 3rd Dec 17 at 9:05 AM
    I am thinking of paying off my mortgage. When I pay it of the mortgage what happens next?
Page 1
    • Wizard of Id
    • By Wizard of Id 3rd Dec 17, 9:10 AM
    • 2,442 Posts
    • 9,655 Thanks
    Wizard of Id
    • #2
    • 3rd Dec 17, 9:10 AM
    • #2
    • 3rd Dec 17, 9:10 AM
    Real life begins
    Every man is innocent until proven broke.
    Cryin won't help you, prayin won't do you no good.

    Walk 2000 3000 miles in 2017 - 3189.5
    This week 56.1
    • Silvertabby
    • By Silvertabby 3rd Dec 17, 10:18 AM
    • 1,931 Posts
    • 2,440 Thanks
    Silvertabby
    • #3
    • 3rd Dec 17, 10:18 AM
    • #3
    • 3rd Dec 17, 10:18 AM
    Buy a bottle of bubbly and celebrate!
    • Thrugelmir
    • By Thrugelmir 3rd Dec 17, 12:31 PM
    • 56,213 Posts
    • 49,596 Thanks
    Thrugelmir
    • #4
    • 3rd Dec 17, 12:31 PM
    • #4
    • 3rd Dec 17, 12:31 PM
    You are mortgage free. The money is do with as you wish.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • dimbo61
    • By dimbo61 3rd Dec 17, 12:42 PM
    • 9,591 Posts
    • 5,183 Thanks
    dimbo61
    • #5
    • 3rd Dec 17, 12:42 PM
    • #5
    • 3rd Dec 17, 12:42 PM
    Your mortgage payment is most likely your biggest cost each month ?
    Save the mortgage money into regular savers, ISA,s or a new car/ caravan/boat or whatever else you want.
    Well done ��
    • msa969
    • By msa969 3rd Dec 17, 12:50 PM
    • 9 Posts
    • 1 Thanks
    msa969
    • #6
    • 3rd Dec 17, 12:50 PM
    • #6
    • 3rd Dec 17, 12:50 PM
    to many it may seem a naive question,
    but i had a mortgage for a large part of my adult life.
    • enjoyyourshoes
    • By enjoyyourshoes 3rd Dec 17, 12:54 PM
    • 813 Posts
    • 992 Thanks
    enjoyyourshoes
    • #7
    • 3rd Dec 17, 12:54 PM
    • #7
    • 3rd Dec 17, 12:54 PM
    Make sure there are not any early repayment charges, often with fixed rate deals or discounted deals. If there are do the calculations to estimate the most effective time to pay it off.

    You also may have life insurances which would pay off mtge if you died, check if you consider these still to be worth while, most would be decreasing payouts, so the sums now may be minimal. But check.

    Then start reconsidering what you want to achieve from life and put this in monetary terms and use this new found financial freedom exciting.
    Debt is a symptom, solve the problem.
    • Mojisola
    • By Mojisola 3rd Dec 17, 1:10 PM
    • 28,637 Posts
    • 72,962 Thanks
    Mojisola
    • #8
    • 3rd Dec 17, 1:10 PM
    • #8
    • 3rd Dec 17, 1:10 PM
    to many it may seem a naive question,
    but i had a mortgage for a large part of my adult life.
    Originally posted by msa969
    Depending how long you've been in this house, it may not be registered with the Land Registry. If not, think about getting that done otherwise you'll have to look after your deeds very carefully.
    • msa969
    • By msa969 3rd Dec 17, 1:24 PM
    • 9 Posts
    • 1 Thanks
    msa969
    • #9
    • 3rd Dec 17, 1:24 PM
    • #9
    • 3rd Dec 17, 1:24 PM
    Mojisola,

    i heard this before from someone from a much older work colleague. I purchased the house about 2006, and i remember getting it registered with the land registery as one of the documents at the time, would this be standard practice around this time?
    • Thrugelmir
    • By Thrugelmir 3rd Dec 17, 1:31 PM
    • 56,213 Posts
    • 49,596 Thanks
    Thrugelmir
    to many it may seem a naive question,
    but i had a mortgage for a large part of my adult life.
    Originally posted by msa969
    Likewise for the vast majority. An opportunity to review your retirement plans perhaps. Saving into / increasing your pension contributions is a good starting point.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Mojisola
    • By Mojisola 3rd Dec 17, 1:35 PM
    • 28,637 Posts
    • 72,962 Thanks
    Mojisola
    i heard this before from someone from a much older work colleague. I purchased the house about 2006, and i remember getting it registered with the land registery as one of the documents at the time, would this be standard practice around this time?
    Originally posted by msa969
    Yes - check with the LR to confirm it.

    https://search-property-information.service.gov.uk/
    • Lucky Duck
    • By Lucky Duck 3rd Dec 17, 2:21 PM
    • 125 Posts
    • 72 Thanks
    Lucky Duck
    Your mortgage payment is most likely your biggest cost each month ?
    Save the mortgage money into regular savers, ISA,s or a new car/ caravan/boat or whatever else you want.
    Well done ��
    Originally posted by dimbo61
    All this.......
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,147Posts Today

6,015Users online

Martin's Twitter