Big day tomorrow - pay it all off!

chubsta

Get paid tonight (early morning), and will be paying the mortgage off as soon as the pay goes in my account - I am with the Nationwide and have got the redemption figure from them.

All seems good but I am a little confused about paperwork - the guy I spoke to on the phone said I will receive a letter within 15 days saying it is all paid off but that is it, apparently all 'deeds' are held electronically by the land registry now and I would need to contact them to get copies. I have no reason to think this is incorrect but am surprised I won't get at least SOMETHING, after all, what is to stop just anyone applying for the deeds from them?

Anything else I need to bear in mind when it is all paid off?

400ixl

You should be asking for confirmation that they have removed the interest they have on your property with the Land Registry.

On the Deeds front, did you store any deeds with them? If not, they are correct in that anything will be with the land registry. If you did store a physical copy with them they should be returning that physical copy to you.

Anyone can apply for a copy of the deeds, there is a charge for doing so. You can and should register with the land registry to be notified if anyone does anything with your address.

chubsta

im not sure about whether I stored anything with them - I originally got the mortgage a long time ago when I was young and dumb and have since remortgaged to a new provider (Nationwide from Abbey National) so cant remember much about what paperwork there was.

I guess I will just have to wait and see what happens, still a very nice feeling this morning though to know I own my own home for the first time!!

Misslayed

Congratulations on being mortgage free! Have you got plans for the extra money you'll now have each month?

chubsta

Misslayed said:

Congratulations on being mortgage free! Have you got plans for the extra money you'll now have each month?

This month I am going to go a little mad and buy lots of things that I have deprived myself of for the last few years, nothing expensive, just a few electronic bits and pieces such as a larger SD card for my switch, trivial things really but I have been really depriving myself for the last 4 or so years to pay the mortgage off early.

Then it is just about not worrying about my monthly spending any more - I have kept very tight reigns and monitoring my spending on spreadsheets etc, it will just be nice to be able to get a take-away without thinking that it eats into the next weeks allocated budget. My total mortgage payments have been in the region of 50% of my wages so there is now a lot left!

It is interesting though, that having lived so long with mortgage payments and also huge overpayments the last few years that my spending is completely under control and I don't feel the urge to go out and start spending again, I think being thrifty is part of me now, which is handy with early retirement planned in the next 4 or so years.

Have to say also, that reading other peoples stories really helped as I could see there was an end to it all and that I was part of a much larger group!