Paying off a Mortgage

Midas2000_2

I have now reached the age of retirement, & I am about to pay off what remains of my mortgage, £11,600. Question is, Should I pay off £11,400 and leave £200 outstanding so as to avoid storage fees for the 'Deeds'. Storage fees could be up to £75/year, whereas the interest on £200 would only be about £15. What are the problems with not holding the 'Deeds'?'....Midas2000

1956

hi midas 2000
see my thread in mortgage free wanabee, just paid mine off, well not quite as with halifax if you leave £125 owing there is no interest to pay and no fee for storage/obtaining deeds so i was told when i asked best way and have left it this way. at least i know where they are and safe although i am told they are electronically stored as well. so ask the mortgage povider what is best way without incuring fees and costs as i did and make a informed decision based on what they say/advise.
mortgage free for 3 days and counting!!!
cheers dean.m

Robert_Sterling

Halifax kept my deeds provided that I contnued to insure the property with them.

david29dpo

if your house is registered, the deeds are of historical importance only. most solicitors and banks will no longer keep them because of the storage cost.

andykolo

how much is a fireproof safe and is this for data or paperwork ???

Me_Myself_2

Don't waste your money. Just make sure your deeds are registered with the LR and then they are of no importance at all. You can get a copy of what you need from the LR any time for a nominal fee.

snowwolf

The bank sent my deeds back about 8 years ago, I didnt realise how important they are, mine have just been sitting in the drawer!!!! what would happen if they got lost or had a fire and they got destroyed?