Mortgage - pay off or not?
Discussion
Olivera said:
From a legal standpoint, is it not extremely naive of your fiance to pay off your mortgage with her money?
As op has already mentioned she is buying a proportion of the property from him. I'm guessing they will go down the formal route of tennants in common in which you can specifically note what % each own far better than joint owners and also much better for IHT tax purposes. Sensible and IF any issues ever did crop up both parties are covered as to how much they put in. 
swerni said:
leave yourself a small mortgage, even if it's only a few hundred pounds.
This way the bank will look after all your deeds etc, it's one less thing to lose
No point these days all deeds are electronic and tiny. This way the bank will look after all your deeds etc, it's one less thing to lose
We keep our own deeds locked up in fire proof safes at home. Lovely to see all the old documentation.
mak said:
People get so hung up on the no mortgage idea these days to be "free" , the mortgage is generally the small part of the financial cost of being alive, the utility bills and generally opening the front door in the morning is the expensive part of life.
average mortgage cost is c£1100 PCM. Council tax plus utilities is roughly £300pcm.
Also if your vastly overpaying your mortgage like us that c£1100 is physically £3500 PCM which frankly is a huge sudden cash outflow which no longer exists
Welsh Beef said:
average mortgage cost is c£1100 PCM.
Council tax plus utilities is roughly £300 pcm.
Also if your vastly overpaying your mortgage like us that c£1100 is physically £3500 PCM which frankly is a huge sudden cash outflow which no longer exists
Rates 140 , gas 90, elec 50 , tv 50, insurance 30, water 30, open the front door to car insurance, food, fuel, ect ect, and i have to say if the average mortgage cost is 1100 a month i am doing well considering i have 5 mortgages and non are any where near that amount.Council tax plus utilities is roughly £300 pcm.
Also if your vastly overpaying your mortgage like us that c£1100 is physically £3500 PCM which frankly is a huge sudden cash outflow which no longer exists
mak said:
Rates 140 , gas 90, elec 50 , tv 50, insurance 30, water 30, open the front door to car insurance, food, fuel, ect ect, and i have to say if the average mortgage cost is 1100 a month i am doing well considering i have 5 mortgages and non are any where near that amount.
I'm talking about repayment. Gas and electric £140pcm... That's twice what we use and we leave the heating on 24hrs a day 365 days a year at 18-22 degrees.... It is a sub 5 year old boiler.
Water £30?? We are half that water meter and have always been around the low teens for monthly water usage - and given the council tax rate you highlight it's not because you have a huge property to make up for the difference (our council tax is £190pcm).
But anyway I know what your getting at however spare an acknowledgement for the figs I suggest.
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