What happens when you pay off your mortgage?

[MartinLewisIsAmazing]

I suppose I'm asking whether I need to do anything in particular - thanks!

Depressingly little. I rang up my mortgage company and they told me when the fixed rate period ended and therefore when I could make a payment without penalty. I t then rang back on a date they instructed and they generated a letter telling me the exact amount I'd need to pay to clear the mortgage on a particular date that I specified.

Then I just transferred the money into my mortgage account, it vanished into the ether for a day or two and I held my breath till it reappeared.

Once the charge has been taken off the land registry you might want to register so if anyone tried to do anything to your property details on there you get notified.

They don't even send you a copy of the deeds any more!

You have to do more in Scotland to get them off the deeds. In England & Wales, it's as above.

Thanks both 🙂. I've actually already done it over the phone, and apparently I'm waiting for a letter from the mortgage company now. It just struck me that maybe there was something else I should do.

Open a bottle of your favourite drink, eat some fabulous ice cream and have a takeaway.

just us then?!

😄

From what I remember, people at the bank are nice to you. I had to have a meeting with a mortgage adviser. Nice woman. Alison.

My parents hung up the phone, yelled "we're free" and did cowboy whoops up and down the hallway.

You don’t have to wait for the mortgage lender’s charge to be removed to register for Land Registry updates, as the owner you can do it any time. I signed up the day I completed on my first house.

I had a letter from the bank (which I kept) and more money each month. Apart from that, nothing else happened.

Once the charge has been taken off the land registry you might want to register so if anyone tried to do anything to your property details on there you get notified

A very good idea. I did this after reading another thread on here.

What happened was we went out and celebrated. I did manage to capture a photo on my banking app before the mortgage account disappeared. I have it showing balance of zero.

I agree with registering so that you are alerted of any searches on your property. I remember a horror story of a guy in Luton who hadn't lived in his house for a while. Somehow someone else was able to claim ownership and the original owner lost the house.

😂

Disappointingly little! We got the redemption figure and payment instructions on the banking app, paid it, and then a couple of days later the mortgage just disappeared from the app. Then we got a letter each telling us it was closed and that deeds were all electronic now. You'd have thought they could do something slightly more celebratory as its not even something you can celebrate openly either.

DH and I decided to have a bit of fun at the expense of our three adult children. We called a family meeting and told them that we really needed their help with paying our mortgage. The three of them were really worried and looked terrified - until we asked them for €1.25 each, which was all that was left to pay

Then we opened a bottle of champagne 🍾

Oh, and we didn't make them pay it!

We got sent a bottle of champagne

Very surprised

Re the Land Registry notification - you don’t actually have to be the home owner to register for any alerts. I registered my mum’s house and also MILs (they’re elderly and widowed) so I get an email for both properties as well as my own.

But it's not a celebration for the lender is it, they've lost money.

Haha I love this! Think we will be similar in a few years time!

Does anybody know what happens with the life insurance policy taken out with the mortgage? When the mortgage is paid off does the insurance policy become invalid?

Check insurance policies like life etc, my friend went through his when he paid his mortgage off and was advised to do this because he was paying something that would also cover a mortgage if critically ill, which he no longer needed

I felt like my work had lost all meaning, the drive to make money in order to pay the mortgage was so deeply embedded in me!

i got over it 😊

I got sent a huge bundle of paperwork relating including the deeds, some of which looks fascinating back to the building of the house. But I have never got round to reading it.

We paid ours off last year and it was anticlimactic.

Especially so as we've not told anyone.

Congratulations, OP.

I’m in Scotland. I paid the money and was sent the deeds. Wasn’t aware I needed to do anything else!

I love this, well done for paying it off feels like forever away for us but we will get there eventually. I feel like a brass band should come round to play outside the door 😂

My parents did similar.