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Original poster

To pay off mortgage or not

82 replies

YogaMama66 · 07/04/2023 08:35

So I’d like to pay off our (pretty small) mortgage. Purely for the joy of being mortgage free. My DH says as it’s so small, (£350 pm), it’s a bad use of money and that I’m talking about using 12k each for a ‘feeling’. WWYD? I say you can’t put a price on a feeling of freedom! We’re both late 50s for context. Not high earners, but can afford a nice life. This just would mean so much to me!!

OP posts:
generalexpert · 08/04/2023 22:00

I paid mine off last year. Has the same thought about whether it was a good use of the cash.

However, the feeling is great and well worth doing.

In terms of 'holding the deeds' it's not a problem anymore as it's all electronic with land registry. I actually got the original paper deeds given to me about 15yrs ago when they all went electronic.

Pay it off, and relax!!

Aposterhasnoname · 08/04/2023 22:00

Do it, honestly, knowing the roof over your head is secure, no matter what, is priceless.

MortimerTheCat · 08/04/2023 22:02

billy1966 · 08/04/2023 21:50

When you purchase a house with a mortgage the bank holds the deeds til the debt is fully paid.

Then the deeds are yours.
Obviously you want the deeds kept safely so banks or a solicitor might be where you decide to leave them.

They invariably charge for the service.
It can be anything up to £500 a year.

So as long as you have a morgage, the deeds are kept safely in the bank.

Some solicitors will do it for free.

All depends.

But the deeds need to be safe.

Show quote history

I thought if you bought recently within the last 15 years or so, all house deeds are now digital with the land registry? I might be mistaken though (probably am)

Aposterhasnoname · 08/04/2023 22:02

billy1966 · 08/04/2023 21:50

When you purchase a house with a mortgage the bank holds the deeds til the debt is fully paid.

Then the deeds are yours.
Obviously you want the deeds kept safely so banks or a solicitor might be where you decide to leave them.

They invariably charge for the service.
It can be anything up to £500 a year.

So as long as you have a morgage, the deeds are kept safely in the bank.

Some solicitors will do it for free.

All depends.

But the deeds need to be safe.

Show quote history

Deeds aren’t a thing anymore, it’s all electronic

MrsMikeDrop · 08/04/2023 22:04

Surely you do the maths? Work out how much you're paying in interest

OnTheBoardwalk · 08/04/2023 22:13

£24k is a lot to pay out, especially in uncertain times?

are you overpaying? What’s the max you can overpay?

billy1966 · 08/04/2023 22:13

MortimerTheCat · 08/04/2023 22:02

I thought if you bought recently within the last 15 years or so, all house deeds are now digital with the land registry? I might be mistaken though (probably am)

Show quote history

Oh you are absolutely correct.
I meant the original title deeds.

But the Land Registry has digital copies I believe.

I really don't know a lot about it.

Apologies if I have confused anyone.

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