Mortgage free- little help.

makey1976

Hi I will be lucky enough to be mortgage free soon.
And was wondering what happens after your last payment.
Do you just get sent deeds, etc from provider or is there anything else I would have to do.

tootallulah

When I paid off my first mortgage Abbey sent me the deeds and the paperwork showing that my mortgage was fully paid.

ernie_3

hopefully we will MF by the middle of October:beer:, I spoke to the YBS. If I leave £100 as a balance, they will of course keep hold of the deeds and I will pay a nominal amount to cover the £100 balance on interest only.My other thinking is we have 2 daughters now 21 and 19, we might have to help them in the future this will give us a another option to borrow funds if required;)

Keep up the good works all

Ernie:T

Goldiegirl

ernie_3 wrote: »

I spoke to the YBS. If I leave £100 as a balance, they will of course keep hold of the deeds and I will pay a nominal amount to cover the £100 balance on interest only.My other thinking is we have 2 daughters now 21 and 19, we might have to help them in the future this will give us a another option to borrow funds if required;)

Keep up the good works all

Ernie:T

If you are thinking of borrowing more money in future, it can be a good idea to leave the mortgage open with the £100.


However, if you were only going to use this as a deeds storage facility, these days there's no point in keeping the Title Deeds in a secure location.


All your ownership details are held electronically at the Land Registry, so the Title Deeds are no longer needed to prove ownership of the property.


The Title Deeds are nice to have, particularly if it's an old property, so if you think you won't be borrowing more money, it's safe to close the mortgage down completely, and keep the Deeds at home, and save money on the interest on the £100