What happens when I pay off the mortgage?

I'm sure this seems a silly question.
I have just £2620 left, and it will be around £1100 when the fixed rate comes to an end later this year. The Early Repayment penalties finish with the fixed rate, so I'm planning to pay it off when the fixed rate ends. 
What happens next?

I've a vague feeling there something to do with the land registry to get the bank's name off the deeds?
Do I need to tell the house/contents insurance that we own the house outright?
We took out a decreasing term insurance for 25 years, 8 years ago! Can we leave that as is even though the situation is not what we'd imagined?

I think that I need to check our life/critical illness insurance/assurance are now suitable for what we want.
Plus plan what to do with the money now available each month.

Any other things?


  • pavlovs_dog
    pavlovs_dog Posts: 10,200 Forumite
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    I could be wrong but I think you get the deeds for the house and will be responsible for organising their safe keeping
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • South_coast
    South_coast Posts: 4,964 Forumite
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    I didn't receive my deeds, most upsetting 😥 But I did get a letter from the bank confirming they were removing their name from the title
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
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