End Of Mortgage Is In Sight.....

Derek_Churchad

Hi this is a new user to the site, I've tried to find a previous similar post but was bogged down!!

I can see the end of my mortgage in sight now, yeeeehaaa, final payment is due in February 2009 - what is the best thing to do - should I pay it off to the final penny OR do I leave a small amount left unpaid??

I recall some years ago hearin that it gives you a 'credit' benefit for having a debt against your name??

Look forward to hearing your tips!!

Derek

sheraz2

I'd post it in the Mortgage free wannabee board.

If you go to the main forum page, it's near the top somewhere, next to the debt free wannabee board!

looby75

sheraz2 wrote: »

I'd post it in the Mortgage free wannabee board.

If you go to the main forum page, it's near the top somewhere, next to the debt free wannabee board!

http://forums.moneysavingexpert.com/forumdisplay.html?f=98

Thats the board you need And welcome to the MSE :wave:

chatta

Hi same here bit longer than you though, I read years ago it was worth leaving a small amount to pay because that was the cheapest way of having deeds to house stored safely.

Ted_Bloke

AN used to have a thing called Deedsafe service (and Abbey used to be called AN); they kept the deeds after you paid off, it cost 50p a year. (I missed some payments). I don't know if they still have it or will do that for anyone whether or not you have a mortgage with them. Or whether anyone else trustworthy offers such a service generally.

greenwich

Ted_Bloke wrote: »

I don't know if they still have it or will do that for anyone whether or not you have a mortgage with them. Or whether anyone else trustworthy offers such a service generally.

Me! Me!

Most people do not need to worry about "the deeds". Since the Land Registry went electronic, the paper deeds are not important. Some lenders, e.g. Nationwide, do not even bother to ask for them - they just let the borrower keep them because there's no risk if they fall into the wrong hands.

Lifeisbutadream

greenwich wrote: »

Me! Me!

Most people do not need to worry about "the deeds". Since the Land Registry went electronic, the paper deeds are not important. Some lenders, e.g. Nationwide, do not even bother to ask for them - they just let the borrower keep them because there's no risk if they fall into the wrong hands.

I have my deeds - I wondered why the solicitor gave them to us when we moved house - thank you for clearing that up!

vaio

greenwich wrote: »

Me! Me!

Most people do not need to worry about "the deeds". Since the Land Registry went electronic, the paper deeds are not important. Some lenders, e.g. Nationwide, do not even bother to ask for them - they just let the borrower keep them because there's no risk if they fall into the wrong hands.

I think compulsory registration came in in ’70s or ’80s. Presumably for property that last changed hands prior to that the deeds do still have a value

Glad

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere (please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]!!!!!![/EMAIL]