closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Results 1 to 49 of 49

Thread: Paid the mortgage, now what?

  1. #1
    Master
    Join Date
    Mar 2016
    Location
    Berks
    Posts
    2,030

    Paid the mortgage, now what?

    So I made the final payment on the mortgage yesterday.
    Balance shows £0

    So what happens now?

  2. #2
    Your wife wants a bigger house.

  3. #3
    Grand Master TaketheCannoli's Avatar
    Join Date
    Feb 2011
    Location
    UK
    Posts
    18,851
    Get pissed and buy a watch.

    Quote Originally Posted by uktotty View Post
    So I made the final payment on the mortgage yesterday.
    Balance shows £0

    So what happens now?

  4. #4
    Master Thewatchbloke's Avatar
    Join Date
    Dec 2010
    Location
    Oxfordshire UK
    Posts
    7,238
    You get a congratulations letter from your lender and you wonder what to do with the extra disposable.

  5. #5
    Craftsman
    Join Date
    Apr 2018
    Location
    Hertfordshire
    Posts
    521
    You now sit with your feet in the air and smile

  6. #6
    Thomas Reid
    Join Date
    Apr 2004
    Location
    Oxford, UK
    Posts
    20,326
    You are on a roll, now. Pay off mine!

    Best wishes,
    Bob

  7. #7
    Master
    Join Date
    Apr 2015
    Location
    Devon
    Posts
    5,134
    You buy watches and watches and watches . . . .

  8. #8
    The world is your oyster depending on how much disposable the now non payment gives you

    Always wanted a holiday let?
    Mid life crisis mx5 purchase?

    Get involved doing some “good” with it volunteering and making donations to help that along

    If that al sounds dull

    Sell the gaff and go black or red - or green if you’re really daring

  9. #9
    Master
    Join Date
    Sep 2006
    Location
    Sunny Surrey
    Posts
    1,832
    Now you pay the extra funds into your pension pot

  10. #10
    Grand Master snowman's Avatar
    Join Date
    Nov 2012
    Location
    Hampshire
    Posts
    14,535
    Get the deeds :)

    M
    Breitling Cosmonaute 809 - What's not to like?

  11. #11
    Master
    Join Date
    Apr 2017
    Location
    England
    Posts
    1,633
    Check the Land Registry in a couple of weeks to make sure the bank has taken the charge off the property’s title.

    It costs a few quid but instant access to the title documents.

  12. #12
    Private health care plan if you dont have one, there is always other stuff that sucks money up

  13. #13
    Grand Master Andyg's Avatar
    Join Date
    Oct 2008
    Location
    Wiltshire
    Posts
    24,924
    Pat yourself on the back, celebrate with your family, inform your parents and friends, buy yourself a treat and then this vvvvvvvv


    Quote Originally Posted by cbh View Post
    Now you pay the extra funds into your pension pot

    Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
    Friedrich Nietzsche


  14. #14
    Grand Master TaketheCannoli's Avatar
    Join Date
    Feb 2011
    Location
    UK
    Posts
    18,851
    Or enjoy the extra money now, you might not make it to pension age.

    Quote Originally Posted by cbh View Post
    Now you pay the extra funds into your pension pot

  15. #15
    Master
    Join Date
    Aug 2012
    Location
    Glasgow
    Posts
    2,285
    Congrats!

    Now you need to find somewhere to keep your title deeds safe and secure.

  16. #16
    Master Caruso's Avatar
    Join Date
    Nov 2012
    Location
    Worthing
    Posts
    2,599
    Quote Originally Posted by cbh View Post
    Now you pay the extra funds into your pension pot
    This!

  17. #17
    Master smalleyboy1's Avatar
    Join Date
    May 2012
    Location
    Northern Ireland
    Posts
    1,073
    As said get the deeds and keep them somewhere safe. Although I believe it’s not as important as it used to be as a duplicate can be sourced from Land Registry.

    Enjoy the extra disposable income for a few months and then consider what you do with it. It will quickly disappear if you don’t make a conscious decision to do something with it. Top up an ISA, bigger pension contributions, premium bonds, watches, holidays, cars. Or a mixture of these all and more.

  18. #18
    Quote Originally Posted by alanm_3 View Post
    Congrats!

    Now you need to find somewhere to keep your title deeds safe and secure.
    I thought it was all online now. Somewhere I’ve still got the deeds to our old house, our mortgage company sent them to us years ago saying they were no longer required to hold them. We were never asked for them when we sold and moved out six years ago and, to the best of my knowledge, we were never given the original deeds to our current house when we moved in.

  19. #19
    Master murkeywaters's Avatar
    Join Date
    May 2013
    Location
    Near the sea
    Posts
    7,122
    You can drop this big bugger for a start!


  20. #20
    Master
    Join Date
    Sep 2006
    Location
    Sunny Surrey
    Posts
    1,832
    Quote Originally Posted by Danstone View Post
    I thought it was all online now. Somewhere I’ve still got the deeds to our old house, our mortgage company sent them to us years ago saying they were no longer required to hold them. We were never asked for them when we sold and moved out six years ago and, to the best of my knowledge, we were never given the original deeds to our current house when we moved in.
    Indeed, correct.

  21. #21
    Master
    Join Date
    Apr 2006
    Location
    Berkshire
    Posts
    5,105
    Well done!

    Have a drink (or a few) and celebrate and then make a plan.

  22. #22
    Master
    Join Date
    Mar 2011
    Location
    Northern Ireland
    Posts
    6,697
    A dozen posts and not one mention of coke or hookers. This place has gone to the dogs!

  23. #23

    Paid the mortgage, now what?

    I paid mine off 5 years ago aged 47, after 17 years of mortgage payments.

    I dreamed of being mortgage free since I was in my early 30s when I was skint and the mortgage was 50% of my take home pay when the missus was on maternity leave. When it happened it was an bit of an anti-climax.

    I am wealthier now than I was with a big mortgage, but it doesn’t make me any happier. I think I was happiest when the kids were nippers and we were living paycheck to paycheck.

    Ironically with more money I now appreciate cheaper watches, and don’t get much pleasure from having the latest beemer or Audi outside he house. Kids university fees and expenses has now taken over the spare cash.

    What it does allow you is future freedom to maybe retire early, or at least have a better opportunity of stepping off the hamster wheel a few years early. After all YOLO.

    But, enjoy your new found financial freedom, and maybe spend twice the usual you spend on a on a bottle of wine tonight to celebrate.

  24. #24
    Master
    Join Date
    Mar 2015
    Location
    Glasgow
    Posts
    7,540
    I could pay mine off if I sold my watches.
    More fun with the watches.

  25. #25
    Craftsman
    Join Date
    Jun 2017
    Location
    Uk
    Posts
    971
    I paid mine off in 2019 and the day after I set a DD up for the same amount to go into my pension
    51 now and counting down to 55 and that's me done!

  26. #26
    Craftsman
    Join Date
    Jun 2017
    Location
    Uk
    Posts
    971
    Love it!
    Quote Originally Posted by murkeywaters View Post
    You can drop this big bugger for a start!


  27. #27
    Grand Master MartynJC (UK)'s Avatar
    Join Date
    Dec 2008
    Location
    Somewhere else
    Posts
    12,336
    Blog Entries
    22

    Cool

    You could re-mortgage and extend the house.

  28. #28
    Craftsman boris9's Avatar
    Join Date
    Feb 2016
    Location
    East Anglia, UK
    Posts
    551
    Quote Originally Posted by demonloop View Post
    A dozen posts and not one mention of coke or hookers. This place has gone to the dogs!
    The only logical choice.


    Sent from my iPhone using Tapatalk

  29. #29
    Master vRSG60's Avatar
    Join Date
    Oct 2009
    Location
    Barrowford - Lancashire
    Posts
    3,182
    Quote Originally Posted by cbh View Post
    Now you pay the extra funds into your pension pot
    Which is exactly what I’m doing. I paid mine off yesterday.


    Sent from my iPhone using Tapatalk

  30. #30
    Master Rinaldo1711's Avatar
    Join Date
    Mar 2007
    Location
    Suffolk
    Posts
    8,120
    Quote Originally Posted by TaketheCannoli View Post
    Get pissed and buy a watch.
    That’s what I did.

  31. #31
    Master Halitosis's Avatar
    Join Date
    Nov 2016
    Location
    West Lothian
    Posts
    1,916
    Remortgage and split the money between Bitcoin and Tesla shares!

    I joke, but some crazy idiots actually do that sort of thing

  32. #32
    Master
    Join Date
    May 2011
    Location
    By the TOLL Road
    Posts
    4,987
    Blog Entries
    1
    Paid mine off about 8 years ago then 5 years later I bought my TR6

  33. #33
    Grand Master GraniteQuarry's Avatar
    Join Date
    Jun 2005
    Location
    Aberdeen, UK
    Posts
    27,868
    The two standard TZ-UK responses:

    Coke & hookers, or an MX5.

  34. #34
    Grand Master Chris_in_the_UK's Avatar
    Join Date
    Nov 2004
    Location
    Norf Yorks
    Posts
    42,918
    Quote Originally Posted by GraniteQuarry View Post
    The two standard TZ-UK responses:

    Coke & hookers, or an MX5.
    And blow the rest.
    When you look long into an abyss, the abyss looks long into you.........

  35. #35
    Master Alansmithee's Avatar
    Join Date
    Jul 2013
    Location
    Burscough, UK
    Posts
    9,573
    Quote Originally Posted by uktotty View Post

    So what happens now?
    Making sure it disappears into investments and pension at start of month - that's what I did.

  36. #36
    Master spuds's Avatar
    Join Date
    Feb 2011
    Location
    Essex
    Posts
    2,009
    I have no advice to give but simply well done OP, I’m 52 and have just sold a few pieces to clear mine and now I’m ‘mortgage neutral’ simply based on money in the bank.....
    (Long story short my home was repossessed in 2009 and making sure that never happens again has been my priority ever since)

    I then found out that Santander won’t negotiate on the early settlement fees (I’m on a fixed deal until Nov 2022) and the penalty is actually more than the interest if I let it run so ‘round things’ to’em but similarly to one of the previous posts I’m now thinking of diverting money from the ‘mortgage pot’ to my pension every month, but to be honest my pension is performing direly so I’m desperately thinking of other ways to invest it.

    None of that matters though OP, just my respect and admiration for sticking at it and being mortgage free, whatever age you might be.

  37. #37

    Paid the mortgage, now what?

    Quote Originally Posted by spuds View Post
    I’m now thinking of diverting money from the ‘mortgage pot’ to my pension every month, but to be honest my pension is performing direly so I’m desperately thinking of other ways to invest it.
    More watches surely?

  38. #38
    Master
    Join Date
    Mar 2017
    Location
    N Ireland
    Posts
    4,415
    I think that deeds are not really necessary now, land registry all online. That being said, I have a house in my village built in around 1854, the thick bundle of paperwok that comprises the deeds makes an interesting browse on a long winter evening.

  39. #39
    Master Jon Kenney's Avatar
    Join Date
    Aug 2008
    Location
    SE Asia
    Posts
    4,419
    Quote Originally Posted by Rinaldo1711 View Post
    That’s what I did.
    I paid mine off in 2017 (47) and that’s what I’m still doing!

  40. #40
    Grand Master Neil.C's Avatar
    Join Date
    Sep 2003
    Location
    SE England
    Posts
    27,035
    Paid mine off a good few years ago but by the time it finished the amount was pretty negligible so it made no difference to our lifestyle.

    Nice to think it is all yours though and it's been a great investment.
    Cheers,
    Neil.

    My Speedmaster website:

    http://www.freewebs.com/neil271052

  41. #41
    Master Thewatchbloke's Avatar
    Join Date
    Dec 2010
    Location
    Oxfordshire UK
    Posts
    7,238
    The last 10 years of my mortgage cost me £3.23 a month. I wanted to clear the whole amount back in 2009 but because I was on a 15 year fixed rate deal I would have incurred ridiculous penalties so I cleared the maximum amount I was allowed to. I made my last £3.23 payment in September 2019 and even though it was a paltry sum it still felt good!

  42. #42
    Craftsman
    Join Date
    Jan 2013
    Location
    Milton Keynes
    Posts
    283
    Paid mine off at 38 and bought another for my parents.


    Sent from my iPad using TZ-UK mobile app

  43. #43
    Master
    Join Date
    Sep 2012
    Location
    Lancashire
    Posts
    2,562
    Get divorced and get a younger model and start all over again...

  44. #44
    Craftsman
    Join Date
    Apr 2016
    Location
    Maidenhead
    Posts
    322
    Quote Originally Posted by mjc1216 View Post
    Get divorced and get a younger model and start all over again...
    Lol

    Sent from my SM-G973F using Tapatalk

  45. #45
    Get up nice and early then drive round the main roads in your area very very slowly,so every one will be late for work.

  46. #46
    Master
    Join Date
    Oct 2007
    Posts
    2,962
    Blog Entries
    1
    Congratulations!

    I have been throwing cash at the mortgage for a while and should be done in 3 years. Maybe by then my AD will have come through with a Daytona but in the meantime I’m thinking about a buy to let if the numbers make sense.

    A bank seems the worst place to put your money at the moment.

  47. #47
    Master
    Join Date
    Aug 2017
    Location
    London, UK
    Posts
    2,866

    Paid the mortgage, now what?

    For the advice to pay the surplus monies into a pension what happens you exceed the LTA?

    How do you avoid or reduce exposure to the 55%charge ?

    To the OP, my advice is next you get some advice on inheritance and afterwork retirement planning. ( oh, and more watches)

  48. #48
    Grand Master
    Join Date
    Jul 2007
    Location
    Wakefield, West Yorkshire
    Posts
    22,498
    Its always a great feeling to pay the mortgage off, especially if you’ve lived through the era of paying 13% interest ( ouch!) in the late 80s.

    Ironically, having paid mine off several years ago I found myself taking a mortgage out again at the age of 62! This was to help us buy another property before selling our house , a bridging loan would've worked but there was nothing available at sensible costs so a mortgage made more sense. We ended up owning both properties for only 3 months and could’ve paid the mortgage off, but we have to wait till August 2022 to avoid early repayment costs. At 1.6% interest rate and a 13 year term the majority of our monthly payment is capital anyway, so it isn’t costing a lot on interest, but the feeling of having a mortgage again seems odd and I can’t say I like it.

    Banks often get a bad press but the Halifax, who we borrowed with, were excellent. The house deal ended up being very protracted but they kept the mortgage offer open for 8 months; we dealt with the local branch and I think that helped.

    What to do with the monthly ‘windfall’ after the last mortgage payment? Sensible answer is to invest it......but sometimes the sensible answer isn’t the right one!

  49. #49
    Craftsman
    Join Date
    Dec 2012
    Location
    Hampshire
    Posts
    458
    Paid ours off about 8 years back just before i hit 50. Currently paying as much as i can into my pension with a plan to call it a day before i hit 60.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information