Your wife wants a bigger house.
So I made the final payment on the mortgage yesterday.
Balance shows £0
So what happens now?
Your wife wants a bigger house.
You get a congratulations letter from your lender and you wonder what to do with the extra disposable.
You now sit with your feet in the air and smile
You are on a roll, now. Pay off mine!
Best wishes,
Bob
You buy watches and watches and watches . . . .
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
Now you pay the extra funds into your pension pot
Get the deeds :)
M
Breitling Cosmonaute 809 - What's not to like?
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.
Private health care plan if you dont have one, there is always other stuff that sucks money up
Whoever does not know how to hit the nail on the head should be asked not to hit it at all.
Friedrich Nietzsche
Congrats!
Now you need to find somewhere to keep your title deeds safe and secure.
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.
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.
You can drop this big bugger for a start!
Well done!
Have a drink (or a few) and celebrate and then make a plan.
A dozen posts and not one mention of coke or hookers. This place has gone to the dogs!
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.
I could pay mine off if I sold my watches.
More fun with the watches.
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!
You could re-mortgage and extend the house.
Remortgage and split the money between Bitcoin and Tesla shares!
I joke, but some crazy idiots actually do that sort of thing
Paid mine off about 8 years ago then 5 years later I bought my TR6
The two standard TZ-UK responses:
Coke & hookers, or an MX5.
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.
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.
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.
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!
Paid mine off at 38 and bought another for my parents.
Sent from my iPad using TZ-UK mobile app
Get divorced and get a younger model and start all over again...
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.
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.
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)
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!
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.