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  • FIRST POST
    • msa969
    • By msa969 3rd Dec 17, 9:05 AM
    • 11Posts
    • 2Thanks
    msa969
    pay of the mortgage what happens next?
    • #1
    • 3rd Dec 17, 9:05 AM
    pay of the mortgage what happens next? 3rd Dec 17 at 9:05 AM
    I am thinking of paying off my mortgage. When I pay it of the mortgage what happens next?
Page 1
    • Wizard of Id
    • By Wizard of Id 3rd Dec 17, 9:10 AM
    • 3,737 Posts
    • 14,121 Thanks
    Wizard of Id
    • #2
    • 3rd Dec 17, 9:10 AM
    • #2
    • 3rd Dec 17, 9:10 AM
    Real life begins
    Every man is innocent until proven broke.
    Cryin won't help you, prayin won't do you no good.

    Keep Moving in 2018 Challenge - Target 3333 miles
    This week - 77.7
    Total so far - 1537.8
    • Silvertabby
    • By Silvertabby 3rd Dec 17, 10:18 AM
    • 2,745 Posts
    • 3,926 Thanks
    Silvertabby
    • #3
    • 3rd Dec 17, 10:18 AM
    • #3
    • 3rd Dec 17, 10:18 AM
    Buy a bottle of bubbly and celebrate!
    • Thrugelmir
    • By Thrugelmir 3rd Dec 17, 12:31 PM
    • 58,498 Posts
    • 51,863 Thanks
    Thrugelmir
    • #4
    • 3rd Dec 17, 12:31 PM
    • #4
    • 3rd Dec 17, 12:31 PM
    You are mortgage free. The money is do with as you wish.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • dimbo61
    • By dimbo61 3rd Dec 17, 12:42 PM
    • 9,880 Posts
    • 5,314 Thanks
    dimbo61
    • #5
    • 3rd Dec 17, 12:42 PM
    • #5
    • 3rd Dec 17, 12:42 PM
    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 !!!55357;!!!56833;
    • msa969
    • By msa969 3rd Dec 17, 12:50 PM
    • 11 Posts
    • 2 Thanks
    msa969
    • #6
    • 3rd Dec 17, 12:50 PM
    • #6
    • 3rd Dec 17, 12:50 PM
    to many it may seem a naive question,
    but i had a mortgage for a large part of my adult life.
    • enjoyyourshoes
    • By enjoyyourshoes 3rd Dec 17, 12:54 PM
    • 1,061 Posts
    • 1,301 Thanks
    enjoyyourshoes
    • #7
    • 3rd Dec 17, 12:54 PM
    • #7
    • 3rd Dec 17, 12:54 PM
    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.
    Debt is a symptom, solve the problem.
    • Mojisola
    • By Mojisola 3rd Dec 17, 1:10 PM
    • 29,254 Posts
    • 74,716 Thanks
    Mojisola
    • #8
    • 3rd Dec 17, 1:10 PM
    • #8
    • 3rd Dec 17, 1:10 PM
    to many it may seem a naive question,
    but i had a mortgage for a large part of my adult life.
    Originally posted by msa969
    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
    • By msa969 3rd Dec 17, 1:24 PM
    • 11 Posts
    • 2 Thanks
    msa969
    • #9
    • 3rd Dec 17, 1:24 PM
    • #9
    • 3rd Dec 17, 1:24 PM
    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
    • By Thrugelmir 3rd Dec 17, 1:31 PM
    • 58,498 Posts
    • 51,863 Thanks
    Thrugelmir
    to many it may seem a naive question,
    but i had a mortgage for a large part of my adult life.
    Originally posted by msa969
    Likewise for the vast majority. An opportunity to review your retirement plans perhaps. Saving into / increasing your pension contributions is a good starting point.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • Mojisola
    • By Mojisola 3rd Dec 17, 1:35 PM
    • 29,254 Posts
    • 74,716 Thanks
    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?
    Originally posted by msa969
    Yes - check with the LR to confirm it.

    https://search-property-information.service.gov.uk/
    • Lucky Duck
    • By Lucky Duck 3rd Dec 17, 2:21 PM
    • 168 Posts
    • 89 Thanks
    Lucky Duck
    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 !!!65533;!!!65533;
    Originally posted by dimbo61
    All this.......
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