didntbuytolet Posted September 10, 2010 Share Posted September 10, 2010 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. Quote Link to comment Share on other sites More sharing options...
Pauly_Boy Posted September 10, 2010 Share Posted September 10, 2010 Well Done Keep your head screwed on, life will be alot easier knowing that you own the house out right, no more pressure/worries on that front! Quote Link to comment Share on other sites More sharing options...
seb197 Posted September 10, 2010 Share Posted September 10, 2010 nice work! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted September 10, 2010 Share Posted September 10, 2010 Congratulations! Quote Link to comment Share on other sites More sharing options...
NotMyHouse Posted September 10, 2010 Share Posted September 10, 2010 (edited) Congratulations. It's a great feeling and enables you to concentrate on more important matters. Like sorting out your retirement plan. Edited September 10, 2010 by NotMyHouse Quote Link to comment Share on other sites More sharing options...
nohpc Posted September 10, 2010 Share Posted September 10, 2010 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 Quote Link to comment Share on other sites More sharing options...
MrP Posted September 10, 2010 Share Posted September 10, 2010 Well done! Quote Link to comment Share on other sites More sharing options...
Pauly_Boy Posted September 10, 2010 Share Posted September 10, 2010 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 Quote Link to comment Share on other sites More sharing options...
MinceBalls Posted September 10, 2010 Share Posted September 10, 2010 A couple of family members think I should use the equity to get a buy to let now, oddly, I don't agree. Keep feeding them the cool aid. Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted September 10, 2010 Share Posted September 10, 2010 (edited) 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 September 10, 2010 by mikthe20 Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted September 10, 2010 Share Posted September 10, 2010 Offset, which judging from the single pound left in the bank is what the OP has done That probably answers my question above, ta. Quote Link to comment Share on other sites More sharing options...
Second Time Around Posted September 10, 2010 Share Posted September 10, 2010 Well done! Quote Link to comment Share on other sites More sharing options...
didntbuytolet Posted September 10, 2010 Author Share Posted September 10, 2010 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% Quote Link to comment Share on other sites More sharing options...
Kyoto Posted September 10, 2010 Share Posted September 10, 2010 Yes, well done indeed. You deserve it after all of the temptation you must have had to MEW or get into BTL over the last decade. Quote Link to comment Share on other sites More sharing options...
mikthe20 Posted September 10, 2010 Share Posted September 10, 2010 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% Nice one! Quote Link to comment Share on other sites More sharing options...
200p Posted September 10, 2010 Share Posted September 10, 2010 but, but, but all that capital tied up is "dead money", make your money work for you...... Quote Link to comment Share on other sites More sharing options...
Freeholder Posted September 10, 2010 Share Posted September 10, 2010 Well done OP. When I payed off my mortgage I stopped earning the money I used to pay it with. I work a three day week and dont owe a bean. Its a good life. Quote Link to comment Share on other sites More sharing options...
Fishfinger Posted September 10, 2010 Share Posted September 10, 2010 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.. Quote Link to comment Share on other sites More sharing options...
ZeroSumGame Posted September 10, 2010 Share Posted September 10, 2010 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? Quote Link to comment Share on other sites More sharing options...
Si1 Posted September 10, 2010 Share Posted September 10, 2010 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... Quote Link to comment Share on other sites More sharing options...
Protect Rural England Posted September 10, 2010 Share Posted September 10, 2010 YOU ARE NOW FREE FREE FREE FREE WELL DONE. GO AND ENJOY YOURSELF. THEN PUT THE HOUSE INTO YOUR KIDS NAME, LIVE 7 YEARS AND THEY PAY NO IHT Quote Link to comment Share on other sites More sharing options...
Cinzano Bianco Posted September 10, 2010 Share Posted September 10, 2010 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 Quote Link to comment Share on other sites More sharing options...
silver surfer Posted September 10, 2010 Share Posted September 10, 2010 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! Quote Link to comment Share on other sites More sharing options...
Cinzano Bianco Posted September 10, 2010 Share Posted September 10, 2010 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% Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted September 10, 2010 Share Posted September 10, 2010 well done! Quote Link to comment Share on other sites More sharing options...
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