What happens when you pay off your mortgage?

[ColinRobinsonsFart]

I have 18 months left on my mortgage.

what happens to the deeds? In the ‘olden days’ the building society held them and if I remember rightly a home owner would have to pay to keep them safe.

Check with your mortgage provider. .it used to be you left £1 balance in your mortgage which didn't gain any interest. And then they held your deeds. Then you pay the £1 off and they redeem the mortgage and u get sent Ur deeds
In NI it's a bit different as deeds must be sent to a solicitor.
Just ask ur mortgage provide

You pop a bottle of fizz and do a little dance in your kitchen?

I seem to recall nothing much. I might have gotten some paperwork of some sort.

Nothing. You get a letter from the bank confirming it. Deeds are all electronic at the Land Registry now.

It's very odd - it's such a momentous thing, but nothing actually happens. Except that you thank your lucky stars that you're not caught up in the current s**t show, and have to keep schtum because plenty of friends and family are really struggling. Whilst I personally am very glad to have paid mine off, I hate seeing my friends struggle. (We didn't do anything spectacular to pay it off - just bought 25 years ago, only mortgaged to borrow more twice, and it just ended at the end of its natural term).

We got the deeds, but the land registry also holds them.

…and then we had an extra £800 a month to put into savings 😀

My solicitor holds mine. I owe The Woolwich £1.

I wanted confetti falling but nothing ....
Yes the deeds passed from the bank to the Land Registry
Congratulations!

I just got a letter from the building society.

I got a big pile of paperwork of not just the house deeds but the paperwork regarding the sale of the land to the builder and other bits. I really need to sit down and read them but it's the thickness of a large encyclopaedia 😂 I've heard that others get nothing as it's all stored digitally now (with bits missing) which I find sad.

Congratulations on nearing the end!

I just got a letter. That's it. No fanfare. Can't even tell anyone in real life.

We got a single page letter from the mortgage company saying we had paid it off. That was it. No bells or whistles sadly. The deeds are held electronically by the land registry.

People got very comfortable with the very low interest rates since 2008 but they were never going to stay like this so they are just going back to where they are meant to be that is around 6% or there about I remember when they once reached 15% but they soon went down to 10 or so.

I paid mine off a few months ago and haven't heard a word from the bank. I had to cancel my own direct debit.

Land Registry records were dematerialised several years back. That means there are no more legally recognised deeds - what is recognised is the Land Registry record. When you pay off your mortgage the bank will remove the charge over your prooperty with the Land Registry but there are no longer deeds to get back. Sorry to disappoint.

We got a few random documents along with a letter confirming the mortgage was repaid and the charge removed. Most properties have electronic title deeds now as compulsory registration has been around since 1980's I think. Not sure about properties that haven't changed hands for the last 45 years though.

Not a lot. Letter from the bank saying you've paid it off. Another letter saying that you can contact the land Registry to obtain your deeds. I rang them, paid a few quid and they sent me hard copies. Only basic ones - not the wonderful originals from my 1890 house. The Land Registry dumped load of the old deeds years ago, so many are gone.

You set something up with the land registers in case anyone tries to take out a mortgage on your property.

We got nothing. I emailed back to say it was a great day in our house. They emailed back congrats

HM Land Registry - Property Alert
I did this once I'd paid off the mortgage - and we have also registered for my parents' home.

Thank you everyone! It has taken me over 35 yrs to get this far. I had to remortgage when I bought out ex DH and then as a single mum it was a struggle. It’s not worth a lot of money and 150 yrs old but it’s my home and I doubt I will move even though the current DH wants us to move to a bungalow as I have mobility issues.

when I bought the house I got some old deeds and the plans for the street. The house belonged to the builder so it is a slightly different house the rest of the terrace.

it will be December 2024 when I finish paying. It will be a good Christmas!

Is it the same in Scotland that you don’t need to go to a solicitor to hold title deeds?

There are no deeds as such anymore, each property has a title information document and this is stored electronically at the Land Registry.

In my case, start going on fancy holidays which you haven't been able to afford while scrimping and saving to pay off the mortgage early. I didn't like being in debt.

With the benefit of hindsight, I should have let the mortgage run for its full term, with lower monthly payments, travelled more when I was younger and fitter, and contributed to a personal pension in addition to my occupational pension.

It was so underwhelming after all those years paying it. I just get a letter from the bank saying it was all finished. Nothing else at all.