Keep calm and carry on....

QueenJess

South_coast said:

Quite 😀! Although they must surely smell a rat by now 🐀 - no-one's going to pay that for the next 20 years!

You say that, but there was a standing joke at work because one of the people there was paying £7.50 a month for their mortgage, but for some reason wasn't just paying it off. They were paid significantly more than me so could definitely afford to easily. Never got clarity on why..

South_coast

I've seen people on here saying that they are keeping a nominal balance going to keep it open, but never really quite got why 🤔 I think it was either to get the bank to keep storing the deeds (all online now anyway, plus I'm looking forward to seeing the paper ones), or so that it was still available for future borrowing instead of taking out a new mortgage (b*gger that, one was enough for me 🤣!) So it's definitely completely clear and move on for me!

South_coast

I have corrected 😀:

South_coast said:

Although they must surely smell a rat by now 🐀 - no-one's going to pay that for the next 20 years who has clearly been on the MFW path until now!

Jessy103

Hi SC! Just caught up on your diary, congratulations on being near the end! It's so exciting! 😀❤

South_coast

Thanks Jessy 😀! It's feeling "so near and yet so far" at the moment.... Will be happier after I get paid next week and then it will really begin to look possible!

Busy_Mee

Oh South Coast you are so near the end of your mortgage. That is just brilliant 

I'm bucking the trend on paying my mortgage off completely and will keep it past retirement and to the bitter end of its term ( unless base rate starts to go up). This is because we are only paying 0.79% in interest and have the funds invested elsewhere paying more than this.

I am however paying £30k off the repayment bit on Monday, which will drop the regular monthly payment by £800 a month. I will be having a little celebration for that.

South_coast

A £30k repayment is definitely worth celebrating 😀😀😀 And with that interest rate it does make much more sense to keep going. Mine is 2.58% so quite high compared to most on here, but all the more incentive to keep OP'ing!

And on that note, £7.25 paid off today (this week's free money earnings 😀)

South_coast

I've just written out my direct debits for next month - the mortgage is now less than the TV licence 🤣🤯!

Cheery_Daff

😂😂😂 surely you're not paying tv licence monthly though?? Doesn't that cost more, or is it the same??

ElmoR

How exciting! The drum roll begins...

Not sure there are paper deeds any more? I was waiting for mine but when you contact the land registry online now, they simply change the ownership to yourself and remove the bank. That might be because our house is a 1990s vintage though. It was such an anti-climax that I paid £3 or so for a receipt/notification of the change. I wanted something to look at.

Another reason people keep a small nominal mortgage going is to be able to remortgage again easily. For example, if I'd know my DD was going to want to do flight school, then we could have remortgaged for the £80K needed and had relatively cheap interest rate, not that we will be doing that or would have done that, but others do. Extensions etc maybe?