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Thread: I think the end may be nigh for me

  1. #31

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    Quote Originally Posted by Jim - Scotland's Party DJ View Post

    With some savvy financial manouvering in the next month we'll be locked in and guaranteed mortgage free within the next 3 years / time im 38 so im dead sure ill give it up at that atage but we'll see.
    Off topic, but bit advice - don't clear your mortgage. I did and amazingly found it difficult to get good credit. Have been advised to keep a small mortgage, interest only. Bought a house to let out so didn't need to do that, but worth looking at.
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  2. #32
    Jim - Scotland's Party DJ's Avatar
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    Quote Originally Posted by ppentertainments View Post
    Off topic, but bit advice - don't clear your mortgage. I did and amazingly found it difficult to get good credit. Have been advised to keep a small mortgage, interest only. Bought a house to let out so didn't need to do that, but worth looking at.
    A frend told me that recently as it happened to him but i dug around a bit and I think a lot of banks arent into doing it anymore.

    A colleague who is very well off has a £50 mortgage because it means the bank need to keep his papers instead pd him filing rgem with a solicitor but im not sure
    we'd be able to do that now.

  3. #33
    Web Guru Marc J's Avatar
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    Quote Originally Posted by Jim - Scotland's Party DJ View Post
    A colleague who is very well off has a £50 mortgage because it means the bank need to keep his papers instead pd him filing rgem with a solicitor but im not sure we'd be able to do that now.
    When I enquired into it, that's really no longer the case. Your deeds (probably) aren't a bundle of string bound documents that need to be kept in a safe any more... it's all public record and all held digitally with copies available online. That'll definitely be the case if your property has been bought / sold in recent history.

    What you do need is your mortgage provider removed as an "interested party" from your deeds. This is called a "discharge", and I've had quotes ranging from £180 to £300 for doing it - any solicitor will do it for you.

    ETA: You don't really "need" the discharge. It'll only become a potential issue if / when you come to sell the property.
    Last edited by Marc J; 23-01-2020 at 05:36 PM.

  4. #34
    Jim - Scotland's Party DJ's Avatar
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    Quote Originally Posted by Marc J View Post
    When I enquired into it, that's really no longer the case. Your deeds (probably) aren't a bundle of string bound documents that need to be kept in a safe any more... it's all public record and all held digitally with copies available online. That'll definitely be the case if your property has been bought / sold in recent history.

    What you do need is your mortgage provider removed as an "interested party" from your deeds. This is called a "discharge", and I've had quotes ranging from £180 to £300 for doing it - any solicitor will do it for you.

    ETA: You don't really "need" the discharge. It'll only become a potential issue if / when you come to sell the property.
    Yeah my pal had to pay near £300 for the discharge thing too.

    We're not really ones for credit anyway - I pay off my card every month without fail and apart from my car which is buttons, we don't have any credit on us at all. Never say never I know but I don't forseee us needing any major credit to the point paying the thing off would be an issue.

    Against that - if you do have a cute tiny mortgage to keep the banks involved, they are still a stakeholder on the property which could potentially cause problems down the line.

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