I am mortgage free at the end of oct only IF

danishbacon_2

I am very fortunate to have earned enough through the last 2 years to pay of the mortgage balance of £49201 by the end of this month.:j having started 5 years ago with a £70000 mortgage. Yippeeeeee

Now my wife seems to think that it is a bad idea to pay off the mortgage completely and that I should leave a nominal amount on the mortgage and pay that off at £1 a month as this will be good for our credit score. not that i give a monkeys nuts about credit. Never have

There is also some rumbellings that tax is going to be an issue but in all my searching I can come up with nothing to suggest that the tax man is going to hit me harder once i have paid of the mortgage.

So any help and suggestions would be much appreciated.

Simon:D

Dithering_Dad

I don't think there will be a tax issue in relation to paying off your mortgage, especially if this is your primary residence. I would check that there are no redemption clauses on the mortgage and also make sure that you leave yourself with adequate emergency money (3 to 6 month's net outgoings).

Other than that, welcome to the ranks of the mortgage free - I hope to be joining you shortly

setmefree2

No idea but CONGRATULATIONSSSSSSSSSSSS, You're sooooooooooooooooo LUCKY:beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::beer::j:j:j:j:j:j:j:j:j:j:j:j

and I'm sooooooooooooooo jealous...

alanobrien

Pay it off, its then yours and hers no one else's.
The freedom from debt an financial institutes control of your lifestyle is something a lot of us strive for.

If you need cash in the future you could always raise it on the house....for me once i have paid mine off (i wish:p) that will happen when the devil ice skates to work

danishbacon_2

just to say thanks to you for your encouragement and to reassure you that i am going to keep on working and making some more inroads into the things i want in life. I think the mortgage pig is a good tool and that I will rename it the holiday house in denmark pig!!:beer:

My best saying to all and especially those annoying credit card people in petrol service stations is.
If i have no money of my own then why should i spend someone elses at great expense???
they never have an answer apart from sour looks of disgust.:mad:

comping_cat

CONGRATULATIONS!!!! It will be a wonderful feeling when you are finally mortgage free, one day i will get there!!!!

kingsleeper

Nice one Simon,

Haven't clue about any tax implications but someone at work told me something to possibly consider is that whilst paying your mortgage the bank looks after deeds to your house. Pay off your mortgage and the bank then charges a yearly fee for looking after your deeds (Possibly more than your monthly minimal payment). If you want to look after your own deeds buy yourself a fireproof safe and pop them in there and put your safe in the loft(safest place from even the keenest burglar!:shhh: )

As i am no where near this situation as yet, this information is all 3rd hand so i hope it is somewhere near being correct!:think:

danishbacon_2

Hi there
Just to clear up the deeds issue. They are now held by the land register in digital format so the bank simply mails the info that the deeds have no covenants to them and belong to ME.

You can then always receive a deed by contacting the land registry.

Simon