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Life After Paying Off Your Mortgage

MORTGAGES | 28.10.2021

Do you believe in life after paying off your mortgage? We do! Once your mortgage is paid off, you won’t have to spend your days worrying about interest rates or monthly repayments. But before you kick your feet up, there’s still a few things to think about. This guide covers what to do after your mortgage is paid off so you can get back to enjoying your freedom. 

Process of paying off your mortgage in the UK

When it’s time to pay off your mortgage, you’ll need to get in touch with your lender and solicitor. This is so they can start the process of paying off your mortgage, including getting your redemption statement and handling the title deeds. Here’s how the process works:
  • Requesting a mortgage redemption statement - a redemption statement usually contains your current mortgage balance, outstanding interest, daily rate of interest, and any early repayment charges if applicable. 
  • Check your property is registered - check your property is registered with the Land Registry. This provides protection against squatting and fraud. It’s worth noting that your home might not be registered if you owned it before 1990, and if you have to register it, you’ll need to pay a fee.
  • Electronic notification of discharge - your mortgage lender should send an electronic notification of discharge (END) to the Land Registry to remove the registered charge. You might also be asked to send a Form DS2E to the Land Registry. Check with your solicitor if you’re unsure.
  • Get a copy of the deeds - your solicitor or mortgage lender might have the deeds to your home, but if they don’t, it’s best to request a copy for safekeeping.

Benefits of a paid off house

There are many advantages to paying off your mortgage, including:
  • Money to explore more of the world
  • The opportunity to boost your pension
  • Enjoying luxury items
  • Eating out more
  • The means to help a younger family member get on the property ladder
  • A chance to build an investment portfolio 

What age should I have paid off my mortgage?

Most people in the UK hope to repay their mortgage in their 50s, giving them plenty of time to prepare for retirement. However, the timeline of paying off your mortgage completely depends on personal circumstances. You might even consider paying off your mortgage early if you’re comfortable doing so. Take a look at this guide for more advice.

Is paying off your mortgage a big deal?

Paying off your mortgage is definitely a huge chapter in your life. It gives you the financial freedom to enjoy the things you love the most without worrying about debt, whether that’s travelling, dining out, or spending quality time with your family. If this sounds ideal, please don’t hesitate to get in touch with TaylorMade Finance. Our expert mortgage brokers will provide you with everything you need to live mortgage free.
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Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: http://financial-ombudsman.org.uk

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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