Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Completely clearing mortgage

Options
2»

Comments

  • Options
    #32
    surrender monkey
    Registered Users Posts: 230 ✭✭surrender monkey


    Claw Hammer wrote: »
    One of the advantages of making an attempt at first registration is that if there is a flaw or something missing in the title, it will come to light. It might be easier to sort out now rather than having snags crop up at the time of sale or remortgage.

    Is it possible though if the bank have the deeds? Like will they hand them over on atr for the purposes of first reg?


  • Options
    #33
    Claw Hammer
    Registered Users Posts: 6,238 ✭✭✭Claw Hammer


    surrender monkey wrote: »
    Is it possible though if the bank have the deeds? Like will they hand them over on atr for the purposes of first reg?

    Of course they will. The bank will give out the deeds to a solicitor on an accountable receipt. It happens all the time when there is an intended sale. The solicitor has to get the deeds in order to draw up the sale contract. The bank are usually more than happy that the title is registered along with their charge.


  • Options
    #34
    surrender monkey
    Registered Users Posts: 230 ✭✭surrender monkey


    Claw Hammer wrote: »
    Of course they will. The bank will give out the deeds to a solicitor on an accountable receipt. It happens all the time when there is an intended sale. The solicitor has to get the deeds in order to draw up the sale contract. The bank are usually more than happy that the title is registered along with their charge.

    I am aware of how property sales take place as I work in the area. Thing is atr is 6 months first reg can drag on for a couple of years ! So I've not seen someone do this? People generally don't care or realise the difference! Between unreg or reg. In any event the particular poster has no plans to sell or mortgage so if it was me I would just leave it. It's quite a hefty bill for someone !


  • Options
    #35
    Claw Hammer
    Registered Users Posts: 6,238 ✭✭✭Claw Hammer


    surrender monkey wrote: »
    I am aware of how property sales take place as I work in the area. Thing is atr is 6 months first reg can drag on for a couple of years ! So I've not seen someone do this? People generally don't care or realise the difference! Between unreg or reg. In any event the particular poster has no plans to sell or mortgage so if it was me I would just leave it. It's quite a hefty bill for someone !

    There is nothing to stop anyone doing it. Some people do it because they like to have their affairs in order. It would be unusual for someone with a mortgage to bother, usually it is an older person with mortgage paid off, who wants their affairs to be simplified and in order.


  • Options
    #36
    Hack12
    Registered Users Posts: 234 ✭✭Hack12


    Two.options:
    (1) You get a redemption figure from the bank and then go and pay it in your branch. Interest is charged on a mortgage based on the "interest rest" which for most modern mortgages is daily, weekly or monthly. This benefits you as you are paying interest on a reducing balance each month. Mortgages are NOT frontloaded with interest like some personal loans.
    (2) Same as above but instead of you doing the work you get a solicitor to do it for you and they can ensure the mortgage deed is cleared and the deeds of the property are clear. Some offer the facility to store deeds for you so reducing risk of being destroyed etc.

    Either option should be done in a week for redemption figures and payment. Generally a month or so for deeds to be sorted.


  • Advertisement
  • Options
    #37
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    judeboy101 wrote:
    One can always hint that lack of a discount might lead to non performance.

    And destroy your credit record for five years.


  • Options
    #38
    judeboy101
    Banned (with Prison Access) Posts: 3,246 ✭✭✭judeboy101


    jimmycrackcorm wrote: »
    judeboy101 wrote:
    One can always hint that lack of a discount might lead to non performance.

    And destroy your credit record for five years.
    If you have that kind of sauce lying around you don't need to worry about credit records.


  • Options
    #39
    Franz Von Peppercorn
    Closed Accounts Posts: 7,070 ✭✭✭Franz Von Peppercorn


    judeboy101 wrote: »
    If you have that kind of sauce lying around you don't need to worry about credit records.

    If that’s all the “sauce” they have they do. Your suggestion was nonsense.


  • Options
    #40
    denismc
    Registered Users Posts: 1,481 ✭✭✭denismc


    Just wondering what interest rate you are paying, if it is low then would you consider investing your money in shares or some other investments ?


  • Options
    #41
    shakencat
    Registered Users Posts: 2,589 ✭✭✭shakencat


    denismc wrote:
    Just wondering what interest rate you are paying, if it is low then would you consider investing your money in shares or some other investments ?


    Jeez. My parents did that and now one is retired with illness and the other has to work their balls off to cover the mortgage that was remortgaged in the good aul days - children pay for food and bills it's so tight.

    Lost everything in shares.

    I would never ever ever recommend it.

    Yes my parents could have been millionaires. But jeez, it's not worth the risk they took, especially with the outcome they've recieved.

    I'm trying to pay off my mortgage asap too so I can never fall into the same trap they're in!!


  • Advertisement
  • Options
    #42
    NIMAN
    Registered Users Posts: 33,619 ✭✭✭✭NIMAN


    shakencat wrote: »
    Jeez. My parents did that and now one is retired with illness and the other has to work their balls off to cover the mortgage that was remortgaged in the good aul days - children pay for food and bills it's so tight.

    Lost everything in shares.

    I would never ever ever recommend it.

    Yes my parents could have been millionaires. But jeez, it's not worth the risk they took, especially with the outcome they've recieved.

    I'm trying to pay off my mortgage asap too so I can never fall into the same trap they're in!!

    Probably agree with you.
    Yes people do say that a mortgage is the cheapest % loan you'll ever get, but there is something to be said for having no mortgage, and piece of mind that your house is bought and paid for.

    Best of luck.


Advertisement