Who's gonna be mortgage-free in 2007?

[Deleted User]

Me hopefully - exact date not sure yet but either July, Aug or Sept.

tillson

Well done!

Just a piece of experience that happened to me recently. Thanks to a very kind gesture recently, I was able to pay off my mortgage with a lump sum. The building society wanted a £150 discharge fee. I thought that this was greedy, so after they refused to lower the fee, I paid it all off except £100 and asked them to re-adjust my mortgage on a repayment basis over the next 11 years. They weren't very happy to do this. So I asked them, whilst they still had the rule book out quoting the £150 discharge fee, whereabouts in the rule book that it said that I couldn't. There was nothing from stopping me from doing it, so I did.

Recently, they wrote to me saying that the mortgage had been discharges and that I owed them nothing! Not only had they written off the discharge fee, but the £100 balance as well. £250 saved :j

Just thought this might be worth noting in your circumstances.

nearlyrich

We have a mortgage of £125 with the Halifax, we don't accrue interest or pay anything but it means we can easily borrow against the house if we need to and they look after our deeds, not so important now the land registry have all our details.

So I class myself as mortgage free, ( I could pay it if necessary) and I hope everyone else who is striving for it gets there in 2007.

[Deleted User]

I was wondering about challenging my exit fee - when I signed up to my mortgage it was £75 - it's now £225!

I have also heard of people threatening to challenge it through the financial ombudsman and the banks agreeing to waive it or charge the original fee rather than nrisk a ruling about it.

I believe the exit fee is extortionate.

Well done for getting rid of your mortgage though. I bet that day felt good.

Tustastic

tillson wrote:

Well done! The building society wanted a £150 discharge fee. I thought that this was greedy, so after they refused to lower the fee, I paid it all off except £100 and asked them to re-adjust my mortgage on a repayment basis over the next 11 years. They weren't very happy to do this. So I asked them, whilst they still had the rule book out quoting the £150 discharge fee, whereabouts in the rule book that it said that I couldn't. There was nothing from stopping me from doing it, so I did.
Recently, they wrote to me saying that the mortgage had been discharges and that I owed them nothing! Not only had they written off the discharge fee, but the £100 balance as well. £250 saved :j QUOTE]

Well done yourself tillson:)
Which building society was it? I bet they will be changing their rules on montly payments PDQ!

wearside_2

We paid off our mortgage early this year and the A/L charged us £299 discharge fee. I complained and they refunded £150. Still a rip off IMO but worth it!

tillson

Which building society was it? I bet they will be changing their rules on montly payments PDQ!

It was The Britannia Building Society. In general, they have been quite good in terms of call centers and inquiries. I felt the £150 discharge fee was a bit steep though. I would have been happy to pay a reasonable administration fee up to a maximum of £40 ish.

Decadent_Fool

Alas, not me, but every month that goes by takes me that bit closer...

alanobrien

Deleted_User wrote:

Me hopefully - exact date not sure yet but either July, Aug or Sept.

Good for you - enjoy the freedom it provides

Me, still got to many years to go but little by little it comes down......

seven-day-weekend

I have been mortgage-free for over a year now. A great feeling!
I hope all you MFWs make it as soon as possible.

PeteB_2000

we will be MF in 2007 without doubt, currently owe 4.5k, have a decent car to sell when the weathers a bit better that should raise about 3k which will come straight off the mortgage