I want to pay off my mortgage.

[Rainman4707]

I live in UK. I have an eight year mortgage. I'm coming to the end of my two year deal. I'm very nearly four years into mortgage. I have about 8,000 left to pay off. I want to pay it all off.
Will Santander allow me to pay it all off (don't see why they wouldn't allow me)?
What happens after I have payed all money off?

Thanks in advance.

 

[Billtx49]

Will Santander allow me to pay it all off (don't see why they wouldn't allow me)?
What happens after I have payed all money off?

Thanks in advance.

There is not Usually a prepayment prohibition or penalty on a standard mortgage.
When you pay it off they sign off as the only lien holder and you get full ownership documents.

 

[Von]

You should reinvest that 8000$ somewhere else.

The mortgage rate are too low, so you would actually lose money by paying off your mortgage

Let it die naturally, or use your returns on your 8000$ to accelerate paiements.

That 8000$ would be put to be use in an investment product

 

[backbreaker]

if you pay it off, your house basically becomes a secured credit card. it's never a stupid idea to pay off a house because whatever you pay goes right b ack to you in possible loans if you needed the money. plus your outgoing monthly expenses will drop dramatically.

 

[backbreaker]

also if you aren't married, it's prudent to buy your house if you can before you get married or even let her move in. so she can't get it in the eventual divorce lol. l

 

[zekko]

You should reinvest that 8000$ somewhere else.

The mortgage rate are too low, so you would actually lose money by paying off your mortgage

Yeah, if you can get a better rate of return on an investment than what you have on your mortgage, you're actually coming out better if you invest the money.

 

[Billtx49]

Yeah, if you can get a better rate of return on an investment than what you have on your mortgage, you're actually coming out better if you invest the money.

Yes, but then he doesn't have a free and clear valuable asset…
Credit rating will rise substantially if he pays it off.

 

[zekko]

Yes, but then he doesn't have a free and clear valuable asset…

True enough. I guess the question is does he need one?

 

[Billtx49]

True enough. I guess the question is does he need one?

Do you need or want to completely own something vs having debt ? It varies per situation and we don't know his. He already stated he wants to pay it off.

 

[zekko]

He already stated he wants to pay it off.

And he should do whatever he thinks best. I was just pointing out the option. Actually, Von brought it up, yell at him.

 

[Billtx49]

No one yelling her. Only a discussion.

 

[Poonani Maker]

Pay it off for sure. Cash, in a BANK, can be stolen (cyber security these days is iffy). The ONLY person who can 'steal' your house is The Government (if you don't pay your taxes). If it comes to a situation where the Government becomes even more tyrannical than it already is and tries to Take your house by force just on a whim, then it's Civil War time anyway.

 

[dustmuffin]

Pay it off. Then use the extra money to invest. All of my properties are paid off. This leaves me with a lot of undesignated income.