What did you do once you paid your mortgage off?

donstermonster

Just wondering two questions

What did you do once you paid your mortgage off?

And is it waht you intended to do when you had paid it off or something different?

Thanks
DM :beer:

wymondham

I got a pension.... not very sexy I know but in these times I could not afford both at the same time!!

I had imaginied I'd be on a desert island somewhere, but alas it is not meant to be!

sheslookinhot

Good question.

I will be mortgage free December 09, aged 50.

I am seriously considering buying a flat on the east Algarve. Yes, another mortgage I know, but I will view this one more like an investment. Though with my boy leaving school and daughter in 3 rd year maybe not.

It will be interesting to hear others experiences

Silly_Cow

I got made redundant 11 days after becoming mortgage-free. 8 days later, my savings got stuck in my IceSave account.

Thankfully though, no mortgage provider can repossess my home, 'cos it is mine, all mine!:p

It has meant that I've been able to take a job which allows me to work just 4 days a week. I did intend to put my "mortgage" money away each month to save for a better house but that will have to wait now. For now, I'm secure, and that's priceless in my opinion.:j

basill

A small inheritance finally finished ours off, the mortgage money is currently going into high interest regular savers. We hope to have the lump sum saved back up well before the old repayment date.
Boringly we did not go mad once the plan was paid off but our holidays are slightly more comfortable and frequent!

B

guggsy

i have just received my lump sum payment from my company pension and would like to pay off my mortgage.

it is astraight forward re-payment mortgage with no penalties for early payment.

is it wise to pay off all the remainder or leave a couple of quid owing so i do not have to pay to get my deeds.

viv

basill

You dont need to worry about safe storage of the paper deeds. Deeds are now stored electronically at the land registry. If your deeds are not already stored there they will be when you make the last payment and the registry take the lenders interest off the deed.. If you are lucky the building society will return the paper deeds for you to keep as a souvenir.
If you want them ask for them, we were rather disapointed to find ours were destroyed by the registry as they `no longer needed them`.
Some info on the dematerialisation of paper deeds here.


B

tifnstav

hang on! that last post was rather a sweeping statement!

SOME deeds are stored electronically at the Land Registry but if you haven't had a dealing with your land in the last 5/6 years then your paper deeds are most likely still of utmost importance and should be securely stored until you need them, ie when you sell or remortgage your land.

The newsletter that the previous poster referred to is quite unclear to the lay person and suggesting ripping up title deeds is rather reckless! Would a regular Joe know whether his title is registered or unregistered? In my experience most do not.

Before ripping up anything check with a solicitor for goodness sake!

StuartGMC

When we moved mortgage in 2006, the primary information was then held by the Land Registry and the previous lender (Coventry B Soc) sent us a large amount of the paper information, not to our new lender NatWest, and in fact the latter said they didn't need these documents.

We have stored these documents in the bank but, this is for our purposes not that of the items required by law. Yes, we do pay for safe storage but I'd happily do that once the mortgage was cleared anyway and should probably duplicate/scan to PDF some documents and store them too.

bockster

once mortgage was fully offest we quickly dipped back into savings for new kitchen:wall: :wall: .

last payment to fully offest again due in bs 14th this month:T :T

nearlyrich

We paid off the mortgage just before my two children went to uni in consecutive years so the money I had been spending on paying the mortgage (plus a good bit more) went on tuition fees, topping up student loans and other associated expenses until last summer when my son left Uni and I started to see the benefit of not having a mortgage. I have been saving my surplus income into a variety of investments to enable me to retire early from work.