To pay off £13k mortgage?

[shookitoff]

We’re both mid 40s, have overpaid mortgage for years through increases in salary and saving. It has £13k left so payments are about £80 per month. This is obviously really affordable but on an emotional level I’m drawn to the idea of paying it off in full and being mortgage free.

Any advice? Has anyone fully paid their mortgage off and do you feel it’s worth it compared to having a small mortgage?

Thanks

I did it about 20 years ago, saved £K and haven’t regretted it once. I’d do it again in a jiffy.

My very favorite thing about my house and car is that they are PAID OFF!!! And instead of paying notes, I invest my money and give to my church.

When you pay off the mortgage what happens to the deeds etc ?

OP you are so lucky and I am very jealous. If you don’t want to pay that £13k off of your own mortgage, you are more than welcome to pay it off of mine!

I know I’m in a better situation than people who want to buy a home but can’t, but please get your tiny violins out whilst I whinge about how hard done by I am.

Last year I realised that I’d been paying a mortgage every month for 25 years….and yet I owed more than I had borrowed 25 years ago. In fact, I owed more than I paid for that house 25 years ago!

I wish I could tell you that I moved to a nicer area and a bigger house…..except I live on the same estate in a SMALLER house! Bought the original house with a partner, we split up & he bought me out. I moved to what I am sure is the world’s smallest 1 bed house, which of course cost much much more than the original house did. I’m (very) late 40s and still got 12 years left to pay on my one bed matchbox.

You won’t be surprised if I tell you I am sooooo jealous of the OP being in a position to pay off their mortgage….especially as they are younger than I am. Even if they didn’t pay it off now, I’d be over the moon to know I only had £13k left to pay. Personally I would pay it off and enjoy the wonderful feeling of knowing the house was fully mine and there was no longer a mortgage-shaped millstone around my neck. (No, I don’t know what shape a mortgage is actually!)

When you pay off the mortgage what happens to the deeds etc ?
They get sent to you.

I love the feeling of a paid off mortgage. Does it make sense financially? I don't know. But it's such a solid feeling. My husband and I are already good at saving, so it suits our frugal natures.

@notacooldad

When you pay off the mortgage what happens to the deeds etc ? They get sent to you.

Not necessarily. www.land-search-online.co.uk/information/I-have-paid-my-mortguage-and-require-the-deeds/

When you pay off the mortgage what happens to the deeds etc ?

They get sent to you.

Not necessarily

Fair enough. My deeds were posted to me a month after I paid off my mortgage last year.

Thank you @Soontobe60