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Newbie Questions again I'm afraid
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PZH
Posts: 1,599 Forumite
Hi fellow MFW's
We have been considering paying off our mortgage ( Now that my Icesave funds are pending release :j ) but been trying to find the answers to the following questions:-
What to do with the deeds ?
There seems to be a few options here, but not sure on the best course of action:-
What about actually paying the mortgage off ?
[LIST=2]
[*]Do you need to engage a solicitor to do this ?
[*]Will not having a mortgage affect my credit rating in any way ? ( I don't have any debts apart from the mortgage )
[*]Will my credit rating go down over a period of time if I don't take out any loans/further morgages ?
[/LIST]
:T
We have been considering paying off our mortgage ( Now that my Icesave funds are pending release :j ) but been trying to find the answers to the following questions:-
What to do with the deeds ?
There seems to be a few options here, but not sure on the best course of action:-
- If they are electronic - do they stay with the Land Registry ? - or do they send a CD/DVD/email ??
- If they are paper based - is it safe to store them at home ?
- What is the going rate for Banks/Solicitors/BS's to store them ?
- Is it worth leaving a nominal amount on the mortgage and just pay a very low interest each month to allow the BS to store them ( Alliance & Leicester ) ? - Probably a matter of choice and if the BS allow you to do this ??
What about actually paying the mortgage off ?
[LIST=2]
[*]Do you need to engage a solicitor to do this ?
[*]Will not having a mortgage affect my credit rating in any way ? ( I don't have any debts apart from the mortgage )
[*]Will my credit rating go down over a period of time if I don't take out any loans/further morgages ?
[/LIST]
:T
“That old law about 'an eye for an eye' leaves everybody blind. The time is always right to do the right thing.”
0
Comments
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Anybody ?? ??“That old law about 'an eye for an eye' leaves everybody blind. The time is always right to do the right thing.”0
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Hi fellow MFW's
We have been considering paying off our mortgage ( Now that my Icesave funds are pending release :j ) but been trying to find the answers to the following questions:-
What to do with the deeds ?
There seems to be a few options here, but not sure on the best course of action:-- If they are electronic - do they stay with the Land Registry ? - or do they send a CD/DVD/email ?? Not all Deeds are electronic but the Land Registry may have copies of important documents. Your Land Certificate is electronic and you can apply anytime for a copy from the Land Registry but there is a fee. They should probably send you the Office Copy Entries showing you own the property free of mortgage for free but if you lose it you will then have to pay
- If they are paper based - is it safe to store them at home ? If your Title is not registered at the Land Registry then you best give them to your Solicitor to keep in a fire proof safe
- What is the going rate for Banks/Solicitors/BS's to store them ? I work for a Solicitors and we don't charge for existing clients.
- Is it worth leaving a nominal amount on the mortgage and just pay a very low interest each month to allow the BS to store them ( Alliance & Leicester ) ? - Probably a matter of choice and if the BS allow you to do this ?? Like you said a matter of choice - some Banks or building societies allow you to keep £50 on the Mortgage Account to keep it open
- Do you need to engage a solicitor to do this ? No - When you make your last payment the bank should send them to you with a Form DS1 which you need to send to the Land Registry - the Bank generally send you the form to do this and tell you what to so
- Will not having a mortgage affect my credit rating in any way ? ( I don't have any debts apart from the mortgage ) Some people think it is easier to re-mortgage if you keep a balance on your mortgage - dont think it affects your credit rating but could be wrong
- Will my credit rating go down over a period of time if I don't take out any loans/further morgages ? As long as you don't default on any existing credit cards/loans it should'nt
HOPE THIS HELPS
DiSealed Pot Challenge # 0070
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