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Mortgage Free in November 2010 - What happens next?
Richard_Bingham
Posts: 1 Newbie
hi all,
have been reading these forums for ages, but only now feel the need to ask a few questions of you lovely knowledgeable lot!
We will be paying the final installment of our mortgage in November this year with IF, we have had the mortgage for 10 years and have paid up 15 years early. :T
What happens when we finish? Do we get the deeds, do we have to request them, pass them to a solicitor for safe keeping?
Do we have to close our mortgage account with IF - we have a reserve built up, though no planning to tap into this, should we keep this open for contingencies?
Do IF automatically stop their DD's of the mortgage payments or do we have to notify them officially? (We have a current account with IF that the mortgage payments are taken out of)
Is there anything we need to know about becoming MF as this is probably going to be a once-in-a-lifetime achievement!
I think that's it for now, thanks for your help in advance,
RB
have been reading these forums for ages, but only now feel the need to ask a few questions of you lovely knowledgeable lot!
We will be paying the final installment of our mortgage in November this year with IF, we have had the mortgage for 10 years and have paid up 15 years early. :T
What happens when we finish? Do we get the deeds, do we have to request them, pass them to a solicitor for safe keeping?
Do we have to close our mortgage account with IF - we have a reserve built up, though no planning to tap into this, should we keep this open for contingencies?
Do IF automatically stop their DD's of the mortgage payments or do we have to notify them officially? (We have a current account with IF that the mortgage payments are taken out of)
Is there anything we need to know about becoming MF as this is probably going to be a once-in-a-lifetime achievement!
I think that's it for now, thanks for your help in advance,
RB
0
Comments
-
You lucky thing! I don't know the answers, but I'm just delighted for you that you're almost at the end of a slippery slope of paying off your mortgage - very well done
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
I think you need to speak to IF and start to build up a reserve in Cash ISA,s as your emergency fund.
You will need to pay an exit fee to finish the mortgage and IF will send the deeds to you so you then need a safe place to store them.
If you have no plans to extend or move to a bigger place then consider long term savings and enjoy the "mortgage payment " every month.0
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