What did you do the day you made your final morgage repayment

moneyinmypocket

A friend of mine at work made his last payment and has now booked a holiday abroad - he said to me he is home and dry which made me think. What did you do to celebrate paying off your morgage or what would you do when you do

DpchMd

Did you post this on the wrong board?

HAMISH_MCTAVISH

What did you do the day you made your final morgage repayment

Went and got another mortgage, to buy a second house.

moneyinmypocket

DpchMd wrote: »

Did you post this on the wrong board?

There are a lot of home owners here as well as renters

LydiaJ

Yes, but there's a whole board about paying off your mortgage as fast as possible. That might give you a bigger group of people interested in the question.

PasturesNew

I moved out .... couldn't afford to run or maintain the house, so sold it and moved out

Prudent

I parked in the cul de sac opposite on the way home and looked at the house for a while just taking in that it was 100% mine.

Linda_D_2

It felt good, knowing I'll never be in debt again to any company.

I hope the house prices fall to give others the chance I had to own my home.

DpchMd

moneyinmypocket wrote: »

There are a lot of home owners here as well as renters

Well that's great, but this is the debate board.

What would you like us to debate about your topic?

Loughton_Monkey

moneyinmypocket wrote: »

......What did you do to celebrate paying off your morgage or what would you do when you do......

At risk (certainty) of boring everyone, I will repeat my rant about this not being a cause of celebration.

The first and important thing is to get an offset mortgage. Such simple and valuable advice, but shunned by many who can't see the point. But the point is edge. There is often an edge in your favour.

Offset mortgages are generally no more or less expensive than 'normal' ones. But one 'freebie' that comes with them is total flexibility to adjust your repayments at will. Yes, you might have to dump £300 a month into the account, but if you want you take it straight out again 2 seconds later.

But the main thing is that some time soon, there will be an edge in your favour. Either (a) the interest rate will be more than you can get on a savings account, or (b) the interest rate will be less than you can get on a savings account.

When (a) applies, you have the edge of a tax free home for your savings, far greater than you can get on the high street. Instant access too.

When (b) applies (as it does for me currently, at 1½%), your edge is literally to take every single penny of the whole mortgage amount out, invest the whole lot on an Internet Savings Account, pay the mortage interest out of the savings interest and bank the difference.

On the odd occasion that neither applies, you are no better or worse off. So you just pay a 'normal' amount.

But generally speaking, mortgages of all types are best left alone if possible, to inflate away.

I could (and actually did in principle) pay off my mortgage 10 years ago. Instead, I just fully offset it, waiting for the 'edge'. With fixed term rates of 4%, for some years, now, I have been turning in 1.7% (net) profit on my whole mortgage amount, which is substantial.

When I'm 65, those big bad bankers are going to come along and demand all their money back. I will give it to them. They will close the account. I will have to store the deeds in my safe. It will be no cause for celebration.

no_debt

when i went into the building sociaty and paid it off, they asked if i wanted my deeds sent to me or i could collect from them when sent from head office, decided to collect so they was not lost anywhere.
when i had the deeds in my hands then i got excited any relised it was done, i drove home with a big smile on my face hit the red wine. very happy this was 15 months ago and still sinking in.
i never used the house has a piggy bank never remorgaged always seen this has a debt.
[dont tell every one] people at work no i have it paid it off, some make a point about it and make the odd jibe.
we went onto a four day week last year i love it 3 days off at weekend i save a lot more now. i am 47 years old happy with my house i bought and no that what ever happens me the wife and kids will have a roof over our heads.
maybe sometimes feel a bit smug but i worked and paid for it .