The House ! It's mine, ALL MINE !!!

katex · 08-08-2009, 21:53

My house

(yes, can finally say this). Just paid off the last redemption amount after a total of 35 years ! Of course, the original £5,500 mortgage has been added to over the years what with: paying off ex husband, loan for improvements, school fees, shortage on endowment .... so after this elation now what ? May be property rich, but not cash rich. Don't really wish to sell (probably can't anyway), equity release looks a bit dodgy at the moment...especially as just received a flyer from Aviva (ex Norwich Union) who got me into the endowment shortage in the first place !!

Not interested in leaving owt to my kids ... they doing OK, and could possibly end up being sold off for services in a care home.

I want to go out there and enjoy myself in the way I have been accustomed to before retirement. Any serious suggestions welcomed...

Had to laugh though, letter from building society confirming end of loan:

"Your account is now closed and there is no outstanding balance remaining. Your title deeds will be sent to you in due course, as requested."

Not a sign of "Thank you for placing your business with us and being prompt with your payments, we wish you good luck and health for the future, and if the occasion should arise if we can be of any further assistance, then please do not hesitate to get in touch. In the meantime, please accept this bottle of champage and floral display for your much appreciated business" ....

Lilly · 08-08-2009, 21:59

Oooooh what a fabulous feeling that must be!

I've got another 25 years to go on mine.

Still, it will be paid off when I am 55 which isn't too bad.

Enjoy spending your money, I'm sure you will.

MargaretR · 08-08-2009, 22:07

If you had property insurance via your mortgage lender you will need to shop around for your own cover now.

katex · 08-08-2009, 22:11

Quote:

Originally Posted by MargaretR

If you had property insurance via your mortgage lender you will need to shop around for your own cover now.

Ah bless Margaret, thanks ... do know about insurance ... my current one with my ex-mortgage supplier lasts until December, so will have to look from thereon.

shillelagh · 08-08-2009, 22:40

Welcome to the house owners club ... You need to find somewhere to hold your title deeds katex ... dont keep them in the house ... just in case you get burgled or it goes up in flames ... think you can pay the bank or a solicitor to keep them for you.

cashman · 08-08-2009, 22:41

of all my mortgages back in the day kate, i never paid 1 off, always left £100 owing, cos that way ya still got tax relief on it.

believe they have changed the rules on that now though? so congrats on paying it up, if it was same as in my day i would ave said dummy.

Retlaw · 08-08-2009, 22:59

Quote:

Originally Posted by shillelagh

Welcome to the house owners club ... You need to find somewhere to hold your title deeds katex ... dont keep them in the house ... just in case you get burgled or it goes up in flames ... think you can pay the bank or a solicitor to keep them for you.

If deeds are registered with the Land registry there is no need to keep them and your title is more secure.
All you need them for then is for curiosity.
Retlaw.

harwood red · 08-08-2009, 23:22

Congrats to you kate

I still have a mortgage but when I changed lenders the last time they sent every deed from when the house was built, supposedly alot of mortgage lenders don't hold them anymore!! Due to them being registered with the land registry.

made for very interesting reading, especially to Len off here as he grew up in this house

Taggy · 08-08-2009, 23:29

Kate i guess it really all depends on your attitude to Life/Property/Risk! If you feel frivolous (and why not), and if you could still afford to pay off a small loan...why not take out a small remortgage (Yes i know your cellebrating being mortgage free) over say 5 years...and have fun with the brass. In 5 years time the property market will probably be back to around 2007 peak levels...and you could then sell up completely if you wanted, based on it being hopefully easier to sell your property then! You would then have capital to do what you want...ok means you'll have to rent somewhere, but again depending on your attitude...means you can have a ruddy good few years...some might say irresponsible, but its your money...your choice...if you've no one to leave it to, then damn well enjoy it...you've worked for it, a while ago i'd have advised differently, and told you to be more responsible... but having seen the avarice in the banking and polictical spheres of late...i've altered my view of life!! If you cant beat em join em...as i say in my opinion i'd sell when the times right and have some fun!! Lifes short and you dont get a second bite! Some wont agree but thats my tuppenny worth!!

Best Regards - Taggy

Neil · 08-08-2009, 23:29

Quote:

Originally Posted by katex

Not interested in leaving owt to my kids ... they doing OK, and could possibly end up being sold off for services in a care home.

You could look into giving your house away to the kids. I think 7 years have to pass before they try and take money off you for you care home

AccyLass · 08-08-2009, 23:38

Congrats

Can imagine it feels real good

cherokee · 09-08-2009, 00:28

Awww nice one Kate well done .. Now you can breath easy and enjoy the rewards/

jaysay · 09-08-2009, 09:38

Must be great feeling knowing that you now actually own your own home with no bank or building society manager looking over your shoulder

BERNADETTE · 09-08-2009, 09:44

Woooo hoooo Congrats Kate

Margaret Pilkington · 09-08-2009, 14:22

Many years ago, we had a mortgage with Clayton U.D.C (see, I told you it was a long time ago)....anyway Accrington took over the mortgages...so we had to pay our mortgage twice a year.
One year we were off to Oz and we went down and asked if we needed to pay the insrtalment before we went, or would it do when we came back in the middle of Feb......we were told that because it was only twice a year we could pay it when we got back from Oz......Anyway when we got back there was a red letter saying we owed them money......hubby was as mad as a wasp in a jar......he went down and found out how much we still owed.....went straight across to the Yorkshire Bank and drew out the outstanding amount and paid it off.
That must be about 30 years ago now.....but it is a great feeling to know that the bricks and mortar are all yours........Congratulations Kate.
And try Saga for you Insurance