Are there any down sides to paying off a mortgage?

[Canyoucheckonme]

Just that really. We've saved enough to do it now so seriously considering it.

But are there any negatives? (we're mid forties, two children).

Consider diverting the mortgage payment into pension saving to get tax relief once you have rebuilt cash savings.

Thank you so much to everyone who has shared their stories, tips and thoughts - much appreciated.

We are all good for pensions, and have a fair bit saved for a rainy day, too. DH is a higher rate tax payer and very money savvy. We've only moved once which I think helps.

Will definitely be keeping quiet about it with most friends (have only told two who are both well off and mortgage free). I too grew up in council flats/houses with little security so this feels "other worldly" almost.

Well a big congrats from me op, enjoy being mortgage free!

Houses without mortgages can be easier for fraud so make sure you register on the land registry service.

You should get a credit card. I hate debt but just have mine set up so the full balance is paid by DD every month.

You have much more protection and if you are a victim of fraud at least it is theoretical numbers until the bank sorts it out rather than you having no money in your account.

@Calmdown14 thanks so much. Please could you explain why houses without mortgages are more susceptible to fraud?

Looks like we'll definitely be getting a credit card.

@Canyoucheckonme They aren’t lol

When you pay off your mortgage the bank will update the title at the land registry saying you are the owners and removing their interest. You should get a letter from them.

If you were ever concerned you can log on online at the land registry and order a title for a few quid

I've done it 3 times - at about 34, then 52 and then this year (finally). I never saw any downsides to it from my point of view.

You can register with the Land Registry as I have done so they notify if anything is done with your property title. Eg I corrected the title about a year ago to add the house name (as well as the existing number as no one has used the number nor those on any house son on our road for at least 40 years!). That sparked the Land Registry to notify me someone had done this (I was the someone).

In the old days if your property was still unregistered land some people kept £25 on the mortgage so the lender would hold a copy of the valuable big stack of documents which comprised the unregistered title but even then not everyone did that - my parents' house was unregistered and my father kept the deeds at home in his office after the mortgage was paid off.

We paid ours off earlier this year. It's been great to know we're mortgage free! We will be putting the money into pensions, savings and premium bonds. We're not wealthy but feel comfortable. I have hired a cleaner once a week and treat myself to things that I wouldn't have done before!

We haven't told anyone except my parents. I just keep quiet if mortgages come up as a subject with friends as it feels a bit boastful to share when others are struggling. I know we worked hard to be in this position and feel very fortunate that we can afford things without worrying.

I would pay it off. I was hoping to pay mine off when the fixed rate ends in December 2024. Currently saving hard towards it, but won't quite manage to do it.

I ought to prioritise pension for the tax relief and potential for greater growth, but I am saving towards that too. However, I would like more the security that if I lose my job, I would be under far less financial pressure if I don't have to pay for housing costs.

Do it OP then you're free.

No you are not . You worked your way up to this . Congratulations 🥂

We paid ours off, all but £1 which we were advised to leave on so the company would keep the deeds. Although we had big plans for saving the mortgage money every month, this happened at the same time as inflation rocketed and our living costs have increased to the same as our mortgage was...