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didntbuytolet

Just Paid Off The Mortgage

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Well, all bar a pound. I've been on this forum for a good few years, and so have been working to make sure I'm safe from the vagaries of IR. I reckon I've paid about 175k all in for my smallish 4 bed boring and safe modern detached in the home counties, including making 90k on a house in London then trading down to play it safe. Thanks one and all for the sage advice. One less thing to worry about. A couple of family members think I should use the equity to get a buy to let now, oddly, I don't agree.

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Congratulations. It's a great feeling and enables you to concentrate on more important matters. Like sorting out your retirement plan. ;)

Edited by NotMyHouse

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I don't see the point in saving to pay the mortgage off.

My personal preference is to keep my savings in my isas and that way it can pay off the mortgage if I chose but can use it as I please

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I don't see the point in saving to pay the mortgage off.

My personal preference is to keep my savings in my isas and that way it can pay off the mortgage if I chose but can use it as I please

Offset, which judging from the single pound left in the bank is what the OP has done ;)

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Congrats OP, it's a real relief when doing that! Why still have £1 left to pay? - no need to just for the sake of the bank keeping the deeds for you - online deeds these days, I thought paper deeds were pretty meaningless. Is it to have a good credit rating?

Edited by mikthe20

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Congrats OP, it's a real relief when doing that! Why still have £1 left to pay? - no need to just for the sake of the bank keeping the deeds for you - online deeds these days, I thought paper deeds were pretty meaningless (my solicitor has ours anyway, and stores them for free). Is it to have a good credit rating?

Deeds is one point, and I can borrow back the overpaid thousands at anytime (with 5 days notice) over the next 12 years, should I need to, at BofE base + 2% :)

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Well, all bar a pound. I've been on this forum for a good few years, and so have been working to make sure I'm safe from the vagaries of IR. I reckon I've paid about 175k all in for my smallish 4 bed boring and safe modern detached in the home counties, including making 90k on a house in London then trading down to play it safe. Thanks one and all for the sage advice. One less thing to worry about. A couple of family members think I should use the equity to get a buy to let now, oddly, I don't agree.

Nice. One less bankster with a purchase on your life. ................................Happy days. ;)

I don't see the point in saving to pay the mortgage off.

My personal preference is to keep my savings in my isas and that way it can pay off the mortgage if I chose but can use it as I please

With the mortgage paid off there is *currently* little chance of you ending up on the street, when e.g. you lose you job for a while.

And with ready cash - no temptation to spend it then? Zippy little Audi A3, Plasma Box. Kuoni holidays?

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but, but, but all that capital tied up is "dead money", make your money work for you......

well done to the OP - but is true to say that he missed one of the opportunities of a lifetime to buy stocks

god I'm a miserable git...

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Well done and join the club!

Paid my mine off at 40 and now working on a way to do a 4 day week at work..

According to a colleague a 4 day week = 5 days work, crammed into 4 days for 20% less pay.

If you are going to go part time, go for 3 days...

HTH

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Why the remaining £1 mortgage? I once did something similar to keep the discipline of maintaining the insurance correctly, until I found out what a huge premium the building society was demanding for house insurance!

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Why the remaining £1 mortgage? I once did something similar to keep the discipline of maintaining the insurance correctly, until I found out what a huge premium the building society was demanding for house insurance!

 Congrats OP, it's a real relief when doing that! Why still have £1 left to pay? - no need to just for the sake of the bank keeping the deeds for you - online deeds these days, I thought paper deeds were pretty meaningless. Is it to have a good credit rating? 

Deeds is one point, and I can borrow back the overpaid thousands at anytime (with 5 days notice) over the next 12 years, should I need to, at BofE base + 2% :)

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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