Will you pay mortgage off.

Radiatorvalves · 07/09/2025 17:14

I’d pay it off. We will be doing that in about a years time. Can’t wait.

Isabella40 · 07/09/2025 17:18

All depends if there are any fees involved in paying early. There will be some fees. Check mortgage product which may have early repayment fees.

Original poster

Autumnisintheair · 07/09/2025 17:21

Thank you. No fees, we will pay off when our fixed rate agreement ends in 2 months. Once it goes into variable we are free to make any repayments.

OP posts:

MeridaBrave · 07/09/2025 17:42

We let ours move to variable when the amount left was quite low. We renegotiated a few times, and managed to pay extra amounts in each times. Wasn’t any fees.

Nourishinghandcream · 07/09/2025 20:10

Paid ours off as soon as there were no fees.
I can imagine that it was quite possibly not the "correct" thing to do and if we had kept the money invested we would have gained more than the interest on the mortgage was costing etc, but it felt so good paying it off (11yrs early) and diverting the mortgage money into savings & pensions.

AgingLikeGazpacho · 07/09/2025 22:12

What's the fraud angle? I've not heard of this before!

HardworkSendHelp · 07/09/2025 22:15

AgingLikeGazpacho · 07/09/2025 22:12

What's the fraud angle? I've not heard of this before!

Me too, our fixed rate ends next summer and we are saving like mad to get the lump sum to clear. What is the fraud angle?

soupyspoon · 07/09/2025 22:17

Yes of course we paid it off, I was over the moon.

You can set an alert with the Land Registry that alerts you if someone is doing a search on your property. I cant imagine that type of fraud is particuarly wide spread though

dodobedo · 07/09/2025 22:18

I paid mine off.

The fraud angle is extremely unlikely to occur to most people and i've never in my life known anyone it happened to but if it does, i'll deal with it then.

The relief of not having a mortgage is fantastic.

dodobedo · 07/09/2025 22:19

soupyspoon · 07/09/2025 22:17

Yes of course we paid it off, I was over the moon.

You can set an alert with the Land Registry that alerts you if someone is doing a search on your property. I cant imagine that type of fraud is particuarly wide spread though

Is that for definate @soupyspoon ? Have you done it yourself?

soupyspoon · 07/09/2025 22:32

dodobedo · 07/09/2025 22:19

Is that for definate @soupyspoon ? Have you done it yourself?

Show quote history

Yes I have 3 alerts in place, one was for a property that was part of an estate that took nearly 5 years to settled. We wanted to check that no one was making searches on it. However because it was in a block of flats, every time a flat in the whole block (around 40 flats) was searched for becuase they were being bought and sold in that long period, I got an alert!!

I have one on my own property and on my parents one.

Original poster

Autumnisintheair · 08/09/2025 06:50

https://www.gov.uk/protect-land-property-from-fraud

here is the link; better safe than sorry

Protect your land and property from fraud

How to protect your home, land or other property from fraud

https://www.gov.uk/protect-land-property-from-fraud

OP posts:

Blackbookofsmiles1 · 08/09/2025 06:55

There’s nothing wrong or fraudulent about checking the land register on someone’s property. It’s public knowledge.

soupyspoon · 08/09/2025 07:07

Blackbookofsmiles1 · 08/09/2025 06:55

There’s nothing wrong or fraudulent about checking the land register on someone’s property. It’s public knowledge.

Its about whether formal searches taking place, not having a look on the land registry.

tramtracks · 08/09/2025 07:39

Autumnisintheair · 07/09/2025 17:12

We are in a position to pay our mortgage off this year, 43k and releasing £600 per month. We will have some savings after this.

Would you do it? Was reading the other thread reg leaving a bit as it can help avoid fraud.

If you can earn more interest elsewhere - don’t pay it off. We are retired and thinking of remortgaging instead of using our savings or investments to help our ds. We paid off our mortgage our mortgage when we retired - but it was daft to do this - when our interest rate was lower than the 4.8% rate I get on our savings. Also if we can keep the mortgage going for a long time - we would avoid inheritance tax by doing this. That’s the rough plan anyway.

Original poster

Autumnisintheair · 08/09/2025 08:15

tramtracks · 08/09/2025 07:39

If you can earn more interest elsewhere - don’t pay it off. We are retired and thinking of remortgaging instead of using our savings or investments to help our ds. We paid off our mortgage our mortgage when we retired - but it was daft to do this - when our interest rate was lower than the 4.8% rate I get on our savings. Also if we can keep the mortgage going for a long time - we would avoid inheritance tax by doing this. That’s the rough plan anyway.

Show quote history

Thank you. It is a tricky one. I think it is just the feeling of not having debt and releasing that money for something else, eg kids university or pensions. I am not sure we will get better interest but will check; also reg the inheritance tax. It is always a gamble this financial planning.

OP posts:

tramtracks · 08/09/2025 08:23

Autumnisintheair · 08/09/2025 08:15

Thank you. It is a tricky one. I think it is just the feeling of not having debt and releasing that money for something else, eg kids university or pensions. I am not sure we will get better interest but will check; also reg the inheritance tax. It is always a gamble this financial planning.

Show quote history

With hindsight - I think paying off the mortgage was an emotional decision rather than a financial one. I was looking forward to paying it off and now realise that was financially daft. We have in effect lost money by not using it to earn more interest and leaving the mortgage out at the low interest rate.

Goldmember · 08/09/2025 08:33

We are saving up to pay our £100k mortgage off in the next 18m. We'll be late 40s. We've been lucky to have a 0.99% interest mortgage (got it when the rates plummeted) for 5yrs and have been saving in ISAs at good rates to aim to have it paid off when the fix ends. We could remortgage and keep the savings but we still have almost 20yrs before retirement to rebuild savings and pensions.

YahBasic · 08/09/2025 08:35

We paid ours off last year. It was strange cos of our ages & all the advice out there is geared towards people much older and looking to retirement.

We registered with Land Registry for any alerts.

ByQuaintAzureWasp · 08/09/2025 08:35

It is one of life's great moments, becoming mortgage free

TheNeighboursComplain · 08/09/2025 08:44

Agree with the PP who said it's an emotional decision rather than a financially sensible decision. However, there's a lot to be said for the peace of mind that comes with being mortgage free.

Personally I get that peace of mind from knowing I could pay the mortgage off whenever I like, but I like the feeling that I'm making more money by having it in savings than I would by paying off the mortgage. I like knowing that I'm better off financially this way, as I've got more money as a result.

ThirdStorm · 08/09/2025 08:46

I paid mine off as soon as I was able, best thing I ever did. Also registered with Land Registry to get alerts.

notnowfred · 08/09/2025 08:47

I wouldn’t pay off your mortgage completely if meant I had insufficient savings.

caringcarer · 08/09/2025 08:50

Paid mine off, and a you get a huge feeling of relief and it feel like you've accomplished something important.

ThirdStorm · 08/09/2025 08:53

notnowfred · 08/09/2025 08:47

I wouldn’t pay off your mortgage completely if meant I had insufficient savings.

I think this is a good point. However I did the opposite! I used everything I had to pay mine off and depleted everything. Without paying the mortgage and overpayment I found I was easily able to replenish my savings - only a few hairy months where I would have been short had there been an emergency.