What happens when you pay your mortgage off ?

charlies_mum

Had my light bulb moment in 2003 when our mortgage was £46,500 and since then have managed to knock 7 years off, and now owe £10,900.

My question is, what happens when I make the last payment ? Do I have to inform anyone, and what happens with the deeds (our house was built in 1990)

Thanks

StuartGMC

Firstly, you'll need to check with lender to get a balance to payoff the debt and thus final amount.
Secondly, the deeds etc are looked after electronically, so I think it is done automatically at Land Registry.
Thirdly, you may receive some paper material from lender related to deeds etc which basically you can keep (I understand). We have ours with bank under safe storage, even though we still have a mortgage with them.
Fourthly, advise your buildings insurer that there is no other interest in the property.

Finally, you must post in the Roll of Honour here and then celebrate the achievement in grand style!

Hope to hear of that good day soon and well done on the improvement on the mortgage repayment you've achieved.
:beer:

Money_maker

Our deeds are with a solicitor.

gettingbetter

Does it make any difference
to your insurance if you dont
have a mortgage

kas xx

StuartGMC

gettingbetter wrote: »

Does it make any difference
to your insurance if you dont
have a mortgage

Kas I don't think so, but you do of course have to list all parties with an interest in the property (mortgage lender is the usual one, secured loan I guess should be too, but no idea)