Mortgage repayment
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Mortgage repayment
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.
Re: Mortgage repayment
Congratulations. That's a good place to be.
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Re: Mortgage repayment
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.
A flower?
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Re: Mortgage repayment
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!
A dog has a master; a cat has domestic staff.
Re: Mortgage repayment
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.Redvers Ganderpoke wrote: ↑Wed, 30. Jan 19, 11:07Oo.. 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.
Re: Mortgage repayment
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
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Re: Mortgage repayment
Congratulations, it's a great feeling .
I can't breathe.
- George Floyd, 25th May 2020
- George Floyd, 25th May 2020
Re: Mortgage repayment
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!
Re: Mortgage repayment
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
And here we are trying to wrap our heads around buying our first house ) ... maybe there will be a post from me about that
Gimli wrote:Let the Orcs come as thick as summer-moths round a candle!
Re: Mortgage repayment
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.
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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Re: Mortgage repayment
Definitely not me who owns a house in Scotland, so you must be thinking of someone else.
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Re: Mortgage repayment
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!
A flower?
Re: Mortgage repayment
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.
Re: Mortgage repayment
Open on Saturday? What a luxury.
Is that limit protecting the customer or the bank?
Go digital! No more parchment!Alan Phipps wrote: ↑Wed, 30. Jan 19, 12:37It'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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Re: Mortgage repayment
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.
A flower?
Re: Mortgage repayment
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!