"Well, I woke up this mornin'..."

[Cozzer]

No.
Not the usual blues opening line.
The curse on the House of Cozzer - the Nationwide Building Society - is no more.
From this morning, I am mortgage free!

 

[Argus]

You couldn't have timed it better!

 

[Cozzer]

You couldn't have timed it better!

Indeed.
Trying hard not to smirk in a knowing fashion, but failing miserably!

 

[Daniel2]

No.
Not the usual blues opening line.
The curse on the House of Cozzer - the Nationwide Building Society - is no more.
From this morning, I am mortgage free!

You must be feeling great.

 

[Tris]

Spare cash for more tools!!!

 

[Trainee neophyte]

 

[Cozzer]

AyeThangQueue!

 

[Fitzroy]

Congrats.

 

[bushwhaker]

Don't tell the wife for a while.

 

[Blister]

No.
Not the usual blues opening line.
The curse on the House of Cozzer - the Nationwide Building Society - is no more.
From this morning, I am mortgage free!

I'm in your club as well ,

 

[Spectric]

Welcome to the mortgage free club, it is nice not having that debt round your kneck especially with interest rates rising but on a positive note it can only be good for savers and will be a good reality check for many who never experienced the high interest of the eighties and have thought the very low interest rates over the last decade are the norm, many will now be wishing they had looked at history in more detail and paid off more when they could.

 

[MARK.B.]

Awesome feeling is it not and now you will have enough spare cash to pay the lecky bill

 

[artie]

Congrats.

I remember paying off mine with the woolwich in 1997. They gave me the deeds and I took them to deposit with a solicitor. He took his time as usual and I eventually left his premises to find a trafic warden putting a ticket on my car.

I couldn't even be angry I was on such a high.

 

[Sandyn]

Congratulations Redemption day is very nice, a lovely feeling. We kept a £1 mortgage, so the building society kept the title deeds. Cheaper than going to a solicitor. It also meant should we need another mortgage for anything, we didn't have to make a new application and may be advantageous if it went through demutualisation. That was years ago, we still have the mortgage open, but don't think we would ever need it and the title deeds transferred to the solicitor when we made wills.

I did ask the building society if they could tell me how much I had repaid in total, but too much effort to figure out.

 

[Terry - Somerset]

One of the most liberating life experiences was paying off the mortgage. Congratulations.

 

[Cozzer]

Congratulations Redemption day is very nice, a lovely feeling. We kept a £1 mortgage, so the building society kept the title deeds. Cheaper than going to a solicitor. It also meant should we need another mortgage for anything, we didn't have to make a new application and may be advantageous if it went through demutualisation. That was years ago, we still have the mortgage open, but don't think we would ever need it and the title deeds transferred to the solicitor when we made wills.

I did ask the building society if they could tell me how much I had repaid in total, but too much effort to figure out.

Cheers, Sandyn....

Apparently the deeds are only kept "electronically" these days - so even the building society doesn't actually have 'em - but if I want a hard copy I have to contact the Land Registry.
(No doubt there would be a cost involved!)
I'd heard about the £1 "ruse" as well, but it was years ago - seems that it's a non-starter these days. When it altered I don't know.

A few years ago I actually bothered to try and work things out on the back of a fag packet. It was more than a bit depressing to discover that you'd be about 18 years in to a 20 year job before you actually owned a single brick!

 

[Cozzer]

Welcome to the mortgage free club, it is nice not having that debt round your kneck especially with interest rates rising but on a positive note it can only be good for savers and will be a good reality check for many who never experienced the high interest of the eighties and have thought the very low interest rates over the last decade are the norm, many will now be wishing they had looked at history in more detail and paid off more when they could.

Cheers, Spectric....
Yes, I well remember sweating in the early 80's! Akin to 16% at one time, if I remember right?
The "recent buyers" who have calculated their borrowing to the max might well be in for a right ol' shock before too long.....

 

[Spectric]

It could be worse now than then because house prices are now so much higher and people morgage themselves to the hilt so 1% of £250,000 is a lot more than 1% of £50,000!

 

[Lons]

Congratulations a great feeling but I'm not so sure The Nationwide or any of the usual lenders should be called "a curse", they did after all enable you to actually buy the property, you could have chosen to rent somewhere instead.

Enjoy the experience of not seeing a whacking great payment going out each month, it's strange how things move on though, my council tax payments are a lot more than my mortgage payments ever were and we bought a motorhome in 2018 that cost as much as our original house did 30 years previously

 

[mikej460]

Congratulations and welcome to the club, it's truly liberating after years of wondering if it would ever be paid off.