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Original poster

House insurance once Mortgage is paid

11 replies

Buxtonstill · 12/08/2018 14:29

We are just coming to the end of our mortgage. Obviously, we will inform our insurers when this happens. Does the price of insurance generally go up or down when this happens and we now have sole interest in the property?
Also, does anyone know how much banks charge to store the deeds of the house?
Thank you

OP posts:

DontCallMeCharlotte · 12/08/2018 14:50

House and contents insurance is as much for your benefit as the mortgage company so paying it off (congratulations BTW) won't make any difference. You could cancel mortgage related life insurance though.

No need to store deeds at the Bank these days. The Land Registry has all the info on computer but make sure you get them from the lender as they can be quite interesting if it's an older property.

BiteyShark · 12/08/2018 14:57

My house insurer has an option when stating house ownership as 'owned outright or mortgaged' so they clearly judge it same risk. I guess it depends on the insurer as to whether it makes any difference on the premiums.

I think most deeds are now stored electronically at the land registry so no need to pay for them to be stored anymore. For a small fee you could download them to have a look.

AprilLady4 · 12/08/2018 16:44

My bank charges £3 per month to store my deeds.

Interesting about deeds being stored at the Land Registry, I didn't know that! I'll have to look into that.

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gesu · 12/08/2018 17:00

Have nothing to say re insurance but OMG!! You've your mortgage off!!!!!! Congratulations! So jealous! Can't wait till we pay off our in a gazillion years time....

Vitalogy · 12/08/2018 17:06

OP, I didn't find it make any difference to the buildings/contents insurance.

My bank charges £3 per month to store my deeds. Do they inform you of this? I have no idea where the deeds are located

ratspeaker · 12/08/2018 17:10

I dont think it made much difference to our buildings and contents insurance when we paid off our mortgage
Look at comparison sites , they'll have a box for owned , mortgaged or rented ( or similar )

Think we had a solicitor to discharge the mortgage ( we're in Scotland) I assume they have the deeds if required though I believe its held electroncally these days

BiteyShark · 12/08/2018 17:18

If in England the mortgage company should write to the land registry to remove any notification of 'interest' but this can take a few weeks.

Original poster

Buxtonstill · 12/08/2018 19:14

Thanks everyone. It does feel good to be coming to the end. It will mean £500 in the pot that we didn’t have before. It seems a lifetime ago when We got the mortgage. House cost 81k, and we were only earning 25k between us. We had lodgers in the first years as the mortgage really stretched us. Interest rates were 8.45 then, and payments were £660 a month. 3 bed detached in zone 3 London, so worth a bit more now! The early struggles have paid off.

OP posts:

AprilLady4 · 13/08/2018 10:26

Vitalogy, no, it's a different bank to the one we did mortgage with. This was about 15 years ago though, I'm sure things are all different now.

Vitalogy · 13/08/2018 10:53

Ok, thanks AprilLady4 I wouldn't want a big bill coming through the door

Noodledoodledoo · 13/08/2018 13:14

Buy a Fireproof box and keep your deeds at home. Both my Mum and Grandma have done this.

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