pay of the mortgage what happens next?

msa969

I am thinking of paying off my mortgage. When I pay it of the mortgage what happens next?

Wizard_of_Id

Real life begins :T

Silvertabby

Buy a bottle of bubbly and celebrate!:beer:

Thrugelmir

You are mortgage free. The money is do with as you wish.

dimbo61

Your mortgage payment is most likely your biggest cost each month ?
Save the mortgage money into regular savers, ISA,s or a new car/ caravan/boat or whatever else you want.
Well done ��

msa969

to many it may seem a naive question,
but i had a mortgage for a large part of my adult life.

enjoyyourshoes

Make sure there are not any early repayment charges, often with fixed rate deals or discounted deals. If there are do the calculations to estimate the most effective time to pay it off.

You also may have life insurances which would pay off mtge if you died, check if you consider these still to be worth while, most would be decreasing payouts, so the sums now may be minimal. But check.

Then start reconsidering what you want to achieve from life and put this in monetary terms and use this new found financial freedom exciting.

Mojisola

msa969 wrote: »

to many it may seem a naive question,
but i had a mortgage for a large part of my adult life.

Depending how long you've been in this house, it may not be registered with the Land Registry. If not, think about getting that done otherwise you'll have to look after your deeds very carefully.

msa969

Mojisola,

i heard this before from someone from a much older work colleague. I purchased the house about 2006, and i remember getting it registered with the land registery as one of the documents at the time, would this be standard practice around this time?

Thrugelmir

msa969 wrote: »

to many it may seem a naive question,
but i had a mortgage for a large part of my adult life.

Likewise for the vast majority. An opportunity to review your retirement plans perhaps. Saving into / increasing your pension contributions is a good starting point.

Mojisola

msa969 wrote: »

i heard this before from someone from a much older work colleague. I purchased the house about 2006, and i remember getting it registered with the land registery as one of the documents at the time, would this be standard practice around this time?

Yes - check with the LR to confirm it.

https://search-property-information.service.gov.uk/