Paying off a Mortgage

[Vapin' Joe]

It's one of these.

No, that's rent, the one expense that never ends.

 

[ComedyPilot]

Just don't ask Elliot Morley. He must be the only person in the developed (mortgaged) world that doesn't know when he finished paying a mortgage.

 

[HelenD123]

I find that Excel's NPER function gets me as close as I need to be. But the effect is dramatic. I don't understand why people fiddle about trying to find a savings account paying 1% (if you are lucky!) when you can easily earn from 4-6% by overpaying your mortgage.

I agree. I can get my overpayments back at any time so its a win win. Roughly for every £1 you overpay you save £1 in interest.

 

[Adasta]

As The Two Ronnies put it (you've probably never heard of them either) "It's a new type of weapon designed to leave buildings standing, but kills their occupants."

I had my tongue firmly in my cheek while posting!

 

[Hover Fly]

I've never had a mortgage.

 

[threebikesmcginty]

He's eaten all the jam out of a massive Jammie Dodger

 

[JtB]

Just received a letter from my building society confirming that my mortgage account is now fully redeemed and my Title Deeds will be forwarded to me in due course. I did however need to pay a "redemption administration charge" of £195.00 on top of clearing the outstanding balance.

Shall be filling up my favorite glass with lots my favorite liquid tonight

 

[phil_hg_uk]

Well done , I just paid off all my debts the other day except for my mortgage so I will be working on that next ( and my sofa but this is on intrest free anyway)

 

[Lisa21]

I dont have a mortgage, although I do own my house + i work full time. Next door have a mortgage and dont work yet seem to have a lot more money than i have.

Am i missing something here.........................

 

[MacB]

It's impossible to get it spot on because, as you say, who knows what rate you might pay over the rest of the mortgage?

There are shedloads of online calculators e.g.
http://www.mortgages...-calculator.htm

I find that Excel's NPER function gets me as close as I need to be. But the effect is dramatic. I don't understand why people fiddle about trying to find a savings account paying 1% (if you are lucky!) when you can easily earn from 4-6% by overpaying your mortgage.

Perceptions and lack of info I think, people just don't seem to get finance and I note that it's not included in the basic curriculum at school. Would be a lot more useful and practical than some of the stuff they learn.

 

[gavroche]

Pay it all off except 1 pound, like this you won't have to pay the redemption fee!!

 

[al78]

I don't understand why people fiddle about trying to find a savings account paying 1% (if you are lucky!) when you can easily earn from 4-6% by overpaying your mortgage.

Or 8%+ from a stocks and shares ISA.

 

[gavroche]

Or 8%+ from a stocks and shares ISA.

only if you undesrtand the market. I got stung once with shares. Never again.

 

[Globalti]

When you pay off the outstanding balance on a repayment mortgage, what happens next? Apart from any outstanding interest for the final month, do building societies typically levy further charges? As I understand, building societies no-longer hold title deeds for modern houses so I presume there's no-longer any fee payable for them to release the title deeds.

You will have to pay a redemption fee, typically £100-£150, which covers the cost of closing the account and removal of the title from the Land Registry as well as sending the deeds to you if necessary.

 

[ASC1951]

[Stocks and shares ISA] only if you undesrtand the market. I got stung once with shares. Never again.

Investing in shares is like everything else, you have to put some time and effort into learning.
E.g. http://www.amazon.co...ref=pd_sim_b_91