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.

If you're in Scotland there is still one further step that has to be done by a lawyer to get the lender to discharge their interest on the property.

We've still to do that (paid it off earlier this year when we got notice of an increase in monthly payments: we were paying diddly squat anyway and only had a year to go), but as we are not being planning on moving, there's no big rush

What a wonderful prospect, after all those years.

This

Then we got a letter telling us how to get title deeds from the Land Registry.

Then DH got made redundant, and we were glad we'd made the effort to overpay when we could.

We obtained all our deeds when the mortgage term finally finished, house is about 30 years old.
We didn't see the point in paying a solicitor to keep them in a cupboard when we could keep them in our cupboard for free !

They made interesting reading because we discovered a piece of land at the side of our house actually belonged to us and not the local authority.

The Estate Agent and then Solicitors search didn't reveal this at the time of purchase.

We never met the previous owners as they had already emigrated so no conversation was had about them purchasing it a year after the house was built.

Still a bit irritated that the legals didn't do their job properly !

If you've got a life insurance policy running to pay off the mortgage on death of the first partner and you pay your mortgage off early you can cancel the LI Policy if you want to and save a further £45 per month. We went out for a meal and had a bottle of bubbly.

No deeds any more as it is all held digitally by the Land Registry. I think you can ask them to send you a printed summary if you wish, and for a fairly nominal fee.

You just open the bottle of bubbly to celebrate.

I don't know where my deeds are now as the Solicitors I used for my conveyancing had them, but they don't exist anymore. I was looking forward to seeing them in a few years as it's an old house.

We paid it off then got a letter from the mortgage company saying we owed about £100 interest which had accrued since we checked the balance! When we paid that off we just got a letter.

But... the previous owners had also paid off the mortgage and they had received a huge pack of deeds, some of which were very old, which they left with the house. We will leave them for the new owners (moving shortly).

You can obtain the "deeds" now if you wish, from the land registry, for a small sum . It will simply say you have a charge in favour of X bank/ building society.

I have the original deeds to our house which are fascinating and show who built the house and how much it was worth in 1930.

It's all anti-climatic when you pay it off I'm afraid.

It’s all on line now. I imagine you can get a physical copy but it’s not necessary. As for what happens when you pay it off, nothing, it’s a massive anti climax.