Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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.

New posts on this thread. Refresh page