Is paying it all off really money saving?

PeteB_2000

Thanks for the replies everybody, it looks as though I can take down a lot lower than 1k. Without looking into it I was under the impression it was an ongoing cost per year so thanks for clearing that one up.

Nearlyrich : So do you still pay a monthly mortgage on your £25, or is it just a case of something left in the kitty incase you want to borrow against your house etc.

Thanks again
Pete

roswell

or another option is a fire safe about £20 from screwfix etc

lowedb

Well I asked our bank the question as they don't do deedsaafe.

There response was that now all land registry entries are held elecronically, the 'deeds' aren't worth the paper they are written on.

You can check the electronic version by visiting the land registry website (although there is a small fee) but you can check if they have a record for free.

When the bank released their charge, the registry had to be updated so the land registry sent me a new copy.

This arrived last night, showing no charge over the property by the bank. Yipee, as of last night, it's ours.

Did we celebrate? You guess.

tightfella

Broken_hearted wrote:

I think being mortgage free is very important, it gives you more freedom and your home is safe.

absolutely spot on, Broken hearted.

its the only the reason most of us are working, to get the damned thing paid off, and release that burden & pressure.


congratulations lowedb :T

madman2000

nearlyrich wrote:

I may be wrong but deeds are so last century (Joke) the new system is that your title is registered at the land registry, different rules apply in Scotland and NI.

Seriously we owe the Halifax £25 they securely store our deeds and can rightfully claim that we have a mortgage with them, they don't charge us anything to keep that amount outstanding.
They are the UK's biggest lender, how many of us mortgaged to the Halifax owe just enough to keep the account open I wonder?

Also if we ever need to draw down some cheapish money it should be a simple job to borrow from them against a house that they have surveyed etc.

Hope that helps.

we have done exactly this. I was advised by http://www.mydebtadvice.co.uk to leave something on the morgage. In the end we have £1 left on a morgage at the Alliance + Leicester. It dont cost us anything but like you say they store the deeds and if we need some cheap cash we can always add it to that £1 !

joshm_2

roswell wrote:

or another option is a fire safe about £20 from screwfix etc

I picked up a water- and fire-proof document safe from Woolies the other day - only £12 reduced from about £40.

lisyloo

Thanks for the replies everybody, it looks as though I can take down a lot lower than 1k.

I would check if I were you just to be on the safe side.
I was with C&G in 2002 and back then they had a minimum balance of £1000.
Might have changed since, the only way to know for sure is to ask.