Mortgage repayment

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pjknibbs
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Mortgage repayment

Post by pjknibbs » Wed, 30. Jan 19, 08:37

After 25 years, the two (it's complicated to explain) endowments I had in place have both paid out and I am in a position to pay off the mortgage on my house. This is exciting to me, just thought I'd let you know. :D

berth
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Re: Mortgage repayment

Post by berth » Wed, 30. Jan 19, 08:59

Congratulations. That's a good place to be.

Redvers Ganderpoke
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Re: Mortgage repayment

Post by Redvers Ganderpoke » Wed, 30. Jan 19, 11:07

Oo.. Endowments - I take it you had yours from the late 80's early 90's. Ours matured a few year ago - paid for the extension.
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Alan Phipps
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Re: Mortgage repayment

Post by Alan Phipps » Wed, 30. Jan 19, 12:37

It's a great feeling when you first get your hands on the actual deeds to the property rather than feeling more as if you are just renting it from your mortgage lender!
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pjknibbs
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Re: Mortgage repayment

Post by pjknibbs » Wed, 30. Jan 19, 12:38

Redvers Ganderpoke wrote:
Wed, 30. Jan 19, 11:07
Oo.. Endowments - I take it you had yours from the late 80's early 90's. Ours matured a few year ago - paid for the extension.
One dates from 1993 when I first bought a house, the other is from 2000 when I moved to a new house. Since I already had an endowment I was advised it would be better for me to take out another one to cover the difference in price between the two houses rather than dump that one and go for an all-new mortgage.

Bishop149
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Re: Mortgage repayment

Post by Bishop149 » Wed, 30. Jan 19, 14:06

Congrats, quite the milestone!
"Shoot for the Moon. If you miss, you'll end up co-orbiting the Sun alongside Earth, living out your days alone in the void within sight of the lush, welcoming home you left behind." - XKCD

RegisterMe
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Re: Mortgage repayment

Post by RegisterMe » Wed, 30. Jan 19, 14:21

Congratulations, it's a great feeling :).
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Morkonan
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Re: Mortgage repayment

Post by Morkonan » Wed, 30. Jan 19, 18:01

pjknibbs wrote:
Wed, 30. Jan 19, 08:37
After 25 years, the two (it's complicated to explain) endowments I had in place have both paid out and I am in a position to pay off the mortgage on my house. This is exciting to me, just thought I'd let you know. :D
A most heartfelt congratulations to you and yours! What a wonderful day! Are you going to have a "Mortgage Burning" party? :)

But, an equally warm congratulations for you upon the sunrise of the first day in which that sword is no longer held over your head!

If you can, go plant a tree in your yard, if you have one. If you can't, then go out and get a long-lived houseplant with a nice pot/planter. Maybe take a nice picture of you and yours standing in front of your home. Hang it on the wall to remember all that went into your achievement!

burger1
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Re: Mortgage repayment

Post by burger1 » Wed, 30. Jan 19, 18:05

Congratulations

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fiksal
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Re: Mortgage repayment

Post by fiksal » Wed, 30. Jan 19, 18:09

Good stuff!

And here we are trying to wrap our heads around buying our first house ) ... maybe there will be a post from me about that
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Rapier
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Re: Mortgage repayment

Post by Rapier » Wed, 30. Jan 19, 21:20

Congrats on getting what you want!

I recall in my early days on the forums someone having sharing stories of buying a house in Scotland with sealed bids - in my mind, either you or Oldman. Have I been here to read of your purchase and your paying off the mortgage? (I've clearly been here long enough!)

I have one of those new-fangled offset mortgages, with enough savings that mean I'm paying no interest and could own outright. I have decided not to so that I can use it as a cheap loan if I need to, or simply 'trade-up' without having to apply again.
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pjknibbs
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Re: Mortgage repayment

Post by pjknibbs » Wed, 30. Jan 19, 21:28

Definitely not me who owns a house in Scotland, so you must be thinking of someone else.

Redvers Ganderpoke
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Re: Mortgage repayment

Post by Redvers Ganderpoke » Thu, 31. Jan 19, 10:46

Rapier wrote:
Wed, 30. Jan 19, 21:20
I have one of those new-fangled offset mortgages, with enough savings that mean I'm paying no interest and could own outright. I have decided not to so that I can use it as a cheap loan if I need to, or simply 'trade-up' without having to apply again.
That's what we have last of "good" ones at base +0.5%. Cheapest money I've ever borrowed -(thinks back to early '90s when the UK slipped out of the ERM - youngsters today don't know the meaning of "high" interest rates!).

Congrats to Paul for paying off the mortgage - now it's saving for retirement! :roll:
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pjknibbs
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Re: Mortgage repayment

Post by pjknibbs » Thu, 31. Jan 19, 16:41

Major first world problem ahoy--the bank won't let me transfer enough to pay the mortgage via online banking, so (the horror!) I have to visit a branch on Saturday to sort it.

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Re: Mortgage repayment

Post by jlehtone » Thu, 31. Jan 19, 23:45

pjknibbs wrote:
Thu, 31. Jan 19, 16:41
Major first world problem ahoy--the bank won't let me transfer enough to pay the mortgage via online banking, so (the horror!) I have to visit a branch on Saturday to sort it.
Open on Saturday? What a luxury.

Is that limit protecting the customer or the bank?
Alan Phipps wrote:
Wed, 30. Jan 19, 12:37
It's a great feeling when you first get your hands on the actual deeds to the property rather than feeling more as if you are just renting it from your mortgage lender!
Go digital! No more parchment!

Redvers Ganderpoke
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Re: Mortgage repayment

Post by Redvers Ganderpoke » Fri, 1. Feb 19, 07:16

pjknibbs wrote:
Thu, 31. Jan 19, 16:41
Major first world problem ahoy--the bank won't let me transfer enough to pay the mortgage via online banking, so (the horror!) I have to visit a branch on Saturday to sort it.
That'll be the money laundering regulations, if the final payment is over £10k they might want to know where the money is coming from.
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pjknibbs
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Re: Mortgage repayment

Post by pjknibbs » Fri, 1. Feb 19, 08:27

The limit is £50k, so it's not that. Annoyingly, the actual amount I have to pay is only about £51.5k, so I'm very close to being able to do it!

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