Paying off a mortgage?

Bluemanc100

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SWMBO is 55 tomorrow and gets her NHS pension and lump sum so we are in a position to pay off the remaining mortgage on a second property we own.

I’m not sure if there is still a precedent for leaving a nominal value owing on the mortgage e.g. £10 to prevent early repayment charges or deed storage charges these days..

Does anybody have advice on this please?
 

Blue Mist

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Wally is correct. The only reason you might need a mortgage is for your credit rating but hopefully it is already good so pay it off.
 

KS55

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Check if your mortgage carries redemption charges and leave a nominal sum if necessary.
 

abu13

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With regard to the pension, is she actially taking retirement or just eligable to take the 25% tax free?

Just wondering as i know the pension pots have taken a real hit and so may be better holding off until they recover their value.

Id suggest taking advice,
 

Tuearts right boot

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Halfway up a mountain,bumfuck nowhere,Snowdonia.
SWMBO is 55 tomorrow and gets her NHS pension and lump sum so we are in a position to pay off the remaining mortgage on a second property we own.

I’m not sure if there is still a precedent for leaving a nominal value owing on the mortgage e.g. £10 to prevent early repayment charges or deed storage charges these days..

Does anybody have advice on this please?


Is the second property used as a rental and is it registered for business rates..
 

Eric Wirral

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Greenock High School, PE Dept
With regard to the pension, is she actially taking retirement or just eligable to take the 25% tax free?

Just wondering as i know the pension pots have taken a real hit and so may be better holding off until they recover their value.

Id suggest taking advice,

I would assume An NHS pension would be a defined Benefit Pension (Final Salary or equivalent) not a defined Contribution Pension (Pension Pot).
 

stonerblue

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Still alive here....
SWMBO is 55 tomorrow and gets her NHS pension and lump sum so we are in a position to pay off the remaining mortgage on a second property we own.

I’m not sure if there is still a precedent for leaving a nominal value owing on the mortgage e.g. £10 to prevent early repayment charges or deed storage charges these days..

Does anybody have advice on this please?
Yep. We were due to finish payoff early and bank said it would charge 150 for deeds so we re-arranged payments (£60) to stretch mortgage out another 18 months and not pay off early. Bank wasn't happy but fuck em.
ThIs was 10 years ago.
 

SWP's back

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29 Jun 2009
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85,135
With regard to the pension, is she actially taking retirement or just eligable to take the 25% tax free?

Just wondering as i know the pension pots have taken a real hit and so may be better holding off until they recover their value.

Id suggest taking advice,
It’s an occupational defined benefit pension and therefore not affected by market movement.
 

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