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Paid off my mortgage today!!

Discussion in 'Personal' started by blazer, Oct 27, 2010.

  1. Being mortgage-free means that whatever happens to interest rates you never need to worry. With my first mortgage on my own I remember the repayments going up by about a tenner for several months in the first year, and it was a big hike for me on my own.
    Some of my deeds are with the solicitors, they keep them for nothing.
  2. Congrats, Mr and Mrs B, it is a very satisfying feeling.
  3. Well done OP! It's sooo worth doing. We got our mortgage (on a 4-bed detached) paid off when we were 33 and 36. It certainly paid off when the sh1t hit the fan and my husband ended up having to leave his job on ill health. If we were still having to make mortgage payments on just my income (we don't claim benefits) we'd have problems.
    BTW, in Liverpool in the 70s, I grew up in a house with a back garden - why is this considered strange?

  4. catmother

    catmother Star commenter

    I have no idea. Don't most houses have their main garden at the back?
  5. Well done!
  6. impis

    impis New commenter

    Congrats. Ours would have been paid off last year - except for the £5,000 shortfall from our endowment - for which we had to have an extra loan.

  7. blazer

    blazer Star commenter

    Have you got your heat on now impis?
  8. Congratulations.
    I did it the lazy way - never bought a property, but will inherit two that are long since paid off.
    Enjoy (I need to wait a bit, then pay a lot of tax, etc)
  9. Congratulations to Lord and Lady Blazer from Dink and Dr Dink,
    from the home of the hanging baskets of pomernom [​IMG].
    (pom = 'paid off mortgage') [​IMG]
    Dr Dink's current life/work balance only became possible with
    the financial liberation a mortgage-free existence brings. [​IMG]
    Enjoy the switch from 'Caveat emptor' to 'Carpe diem'...

  10. Congrats Mr and Mrs B! [​IMG]
    It's a good feeling.
    I paid off mine in 2004 when I was earning a good wage, then decided to enlarge the house, so re-mortgaged. Big mistake. The following year I retired on health grounds!
    Paying a mortgage on a teacher's pension - not entitled to any benefits - means I am permanently impoverished. Ah well. One day my kids will own all this and benefit from my middle-aged struggling. Whoopee doo. [​IMG]
  11. jacob

    jacob Lead commenter

    Not wishing to diss your acheivement, but there are usually big fat fees by the mortgage lender for "closure" of a mortgage. This might include some made up **** for "return of deeds" or other stuff. A colleague of mine nearly paid off his mortgage then discovered he had to pay about another £500 quid for these things and just to get his deeds. These are a ripoff of course, but hidden in the small print.
  12. NellyFUF

    NellyFUF Lead commenter

    Blazer you have done well!
    We are going to owe at least £20,000 when our endownment mortgage ends in a couple of years.
  13. blazer

    blazer Star commenter

    That's right, because we paid off early there was a £295 admin fee to pay! How dare we give them back their money ahead of time!
  14. blazer

    blazer Star commenter

    We had a straight repayment mortgage, many of our friends who bought property at about the same time ended up like you despite the promises of the lender who told them that there would be a huge excess on the endowment that they could spend!
  15. giraffe

    giraffe New commenter

    Bloomin' cheek!
    But you do know that it gives you the right to run round their offices wearing deeley boppers, shouting 'You don't own me any more!', don't you? [​IMG]
  16. jacob

    jacob Lead commenter

    What my colleague actually did was told them to keep the deeds until such time as the actual end of term was reached. That way he did not pay them any more as he was way in "advance" and they stored the deeds for him. Banks charge you for "storing" deeds.
  17. so did I [​IMG]

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