What happens when you pay off your mortgage?

[MartinLewisIsAmazing]

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

I love that - totally stealing it in 19 years (15 if our long term plan comes together!!)

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.

Every property owner should do this anyway!!

We paid ours off and a few weeks later we received a bundle of paperwork including the deeds - but it was the paperwork for another persons house.

Do make sure your mortgage provider removes the charge on your property with the land registry. I work for a bank and regularly get people contacting us in a huge flap because they don't know about a charge on their property until they come to sell it. All too often it seems to come to light very late in the sales process, causing much panic.

Thank you - how do I do this?

Why can't you celebrate it openly?

Like a PP I plan to at least celebrate with a bottle of bubbly and nice meal, but actually now I'm also stealing @DramaAlpaca's idea and will ask the DC to help pay the last few euro 😁

I had to pay another couple of hundred for something in Scotland but can’t remember what!

I'm not actually sure how you make sure the charge is removed. I would definitely ask for confirmation in writing from your mortgage provider, and perhaps check with the land registry.
(Sorry, I'm aware of this through my work, but it's not actually part of my job)

In our case the bank told us that our mortgage had been paid off, then 6 months later sent us a letter of mild threat because we had defaulted on our mortgage payment.

What had actually happened was we had been over-paying our mortgage every month but for the final two years the bank had been putting the overpayment into a separate account but giving us annual calculations that showed it coming off the mortgage. So when they told it that it was paid off and they cancelled our standing order, it actually wasn't but they took payments from the separate account without telling us until the final payment when there wasn't enough money left and then told us we had defaulted. We asked how much there was left to pay, it was £47.something so we sent them a cheque. They refused to take the default off our credit report even though it was entirely their fault through lack of communication.

DH and i are planning a slap up dinner out, with Champagne. Only paying it off early because we lost my lovely DM, and she would thoroughly approve.

Thanks @Cheshireflamingo.

I took a screenshot, got a letter confirming they'd remove the charge and a while later paid £3 for a copy of the register so I could check they had. I already had the old paper deeds from when I bought the place. The next month I spent what would have been my mortgage payment on a holiday :)

Great, that sounds like a plan @CirreltheSquirrel.

Got a couple of letters, took my son out for dinner. Accelerated plans to leave work.

Yes you need to celebrate 🥳. I wish it was me, lucky you x

Thank you @ymemanresu 🙂.

The only hassle was with my bank's security people and a transfer greater than my normal annual earnings.....

I think Martin Lewis comes around and shakes your hand and pulls a party popper.

Bit of an anti climax really.

I think we got a Chinese to celebrate. Apart from that, life goes on.

I would love this 🤣.

My in laws kept saving the mortgage amount for 12 months and then took the whole family on holiday! That's my plan!

Celebrate!

I paid mine off and then spent next 6 mo ths saving my mortgage payment and on my bday went on a 2 week 5 star holiday to the Cook Islands as a present to myself

I've not done it yet but I have on my list to cancel the mortgage protection insurance when we do in the next few years.

Let your buildings and contents insurers know that you are now the sole owners too. Probably won't change anything but you don't want to fail to keep them up dated and give them any excuse to not pay out in the event of a claim!