So I paid off the mortgage today

And I'm obviously a happy camper.

I'm 33 and although this house is not where I want to spend my life, it's officially mine and comes with a sense of relief, of course.

So my self-congratulating aside, can anyone tell me what I'm supposed to to now? The house didn't have a mortgage, but instead I got a home improvement loan from the CU (which is secured against the house.. a mortgage in everything but name).

No one in the CU said anything when I cleared the loan, and it never crossed my mind until about half an hour ago, but do I need to contact my solicitor again to get to get CU legal charge off my house? Or is there something to do with deeds or such?

Anyone able to guide me here in relation to what else I may have to do?

Cheers all for any help.

Kermit.de.frog

Thinly veiled OP, thinly veiled.

Be right back

[Deleted User] wrote: »

And I'm obviously a happy camper.

I'm 33 and although this house is not where I want to spend my life, it's officially mine and comes with a sense of relief, of course.

So my self-congratulating aside, can anyone tell me what I'm supposed to to now? The house didn't have a mortgage, but instead I got a home improvement loan from the CU (which is secured against the house.. a mortgage in everything but name).

No one in the CU said anything when I cleared the loan, and it never crossed my mind until about half an hour ago, but do I need to contact my solicitor again to get to get CU legal charge off my house? Or is there something to do with deeds or such?

Anyone able to guide me here in relation to what else I may have to do?

Cheers all for any help.

So not a mortgage but a misleading thread title instead..

I too, would like a free house.

feelings

Misleading thread title... should read:

So I paid off my home improvement loan from the CU today... and I've come to boards to gloat

*On a serious note: fair play OP.

bilbot79

In a mortgage the bank holds the deeds as security on the house and you get them back at the end. The CU loan will not entitle the CU to hold the deeds.

I would say your Solicitor has them and perhaps that's where they should stay

bilbot79

Jaysus folks, I clearly added the self congratulatory line as a joke.

bilbot79 wrote: »

In a mortgage the bank holds the deeds as security on the house and you get them back at the end. The CU loan will not entitle the CU to hold the deeds.

I would say your Solicitor has them and perhaps that's where they should stay

But the credit union loan was a mortgage, before they could offer mortgages. It was their way of doing them. So they secured the loan against the house and had a legal charge on it. I presume I need to do something to have this removed?

[Deleted User]

[Deleted User] wrote: »

I too, would like a free house.

That doesn't make any sense in this context at all.

Be right back

Be right back wrote: »

So not a mortgage but a misleading thread title instead..

Youre correct. Not a mortgage. A secured loan at a higher interest rate than a mortgage, that was used to purchase property.

Not a mortgage at all.

Mrs OBumble

Deleted User wrote: »

But the credit union loan was a mortgage, before they could offer mortgages. It was their way of doing them. So they secured the loan against the house and had a legal charge on it. I presume I need to do something to have this removed?

Yeah, in that case you should contact the solicitor again. Credit unions tend to be a little disorganised and may forget - and may only very rarely have someone actually pay this off.



And congratulations! Ignore the begrudgers, they're just sore that they'll spend 35 years doing what you've done in 10. It's a mighty achievement, and one that will likely stand you well in terms of what it will allow you to do, and how it will allow you to deal with any things which go wrong in your life (sickness, unemployment etc).

Enjoy the freedom from repayments for a pay-cycle or two. But do start building up your emergency fund, and also look at putting more into long term investment opportunities and a pension.

I see sheep

Deleted User wrote: »

Youre correct. Not a mortgage. A secured loan at a higher interest rate than a mortgage, that was used to purchase property.

Not a mortgage at all.

Have you never heard "talking about it takes the good out of it"?

Epic thread fail imo, when there's thousands struggling with the housing **** show, end it here I'd suggest.

[Deleted User]

[Deleted User] wrote: »

Youre correct. Not a mortgage. A secured loan at a higher interest rate than a mortgage, that was used to purchase property.

Not a mortgage at all.

Skeptical hippo is skeptical.

Mrs OBumble

Mrs OBumble wrote: »

Yeah, in that case you should contact the solicitor again. Credit unions tend to be a little disorganised and may forget - and may only very rarely have someone actually pay this off.



And congratulations! Ignore the begrudgers, they're just sore that they'll spend 35 years doing what you've done in 10. It's a mighty achievement, and one that will likely stand you well in terms of what it will allow you to do, and how it will allow you to deal with any things which go wrong in your life (sickness, unemployment etc).

Enjoy the freedom from repayments for a pay-cycle or two. But do start building up your emergency fund, and also look at putting more into long term investment opportunities and a pension.

I appreciate the reply, thank you.

Yeah I'll get in touch with them again. I just wasn't sure, as no one said anything at all to me, if I was just inventing problems in my head.

For what it's worth, and as I pointed out in my OP, I'm not planning to stay here. So I'm still gearing up to get a mortgage elsewhere. Bizarre circumstances on this house mean I'm still a first time buyer, and this house, although it's a really lovely house, extended/renovated etc. It's in a pretty bad area, and not somewhere I'd like to be living when I'm a pensioner.

I'm hoping that it can be rented out and eventually sold on, if I manage to get sorted somewhere better, so it can act as a pension of sorts for me, down the road.

I sincerely appreciate your genuine reply.

I see sheep

I see sheep wrote: »

Have you never heard "talking about it takes the good out of it"?

Epic thread fail imo, when there's thousands struggling with the housing **** show, end it here I'd suggest.

So what? No one should be happy to have bought a house? Would you cop on to yourself.

begbysback

I see sheep wrote: »

Have you never heard "talking about it takes the good out of it"?

But it doesn’t actually really take the good out of it now does it, I mean if the house burned down or something like that then the good would be gone out of it, but talking certainly doesn’t. It’s just words like, a constructed sentence verbalised is all it is.

Plus this is boards, so technically speaking it’s not actually talking.

punisher5112

First off that is brilliant and has you in very good place to be in term of finances....

Drop the cu an email, send it off now, ask them to clarify what your issues are and go from there....

I see sheep

Deleted User wrote: »

So what? No one should be happy to have bought a house? Would you cop on to yourself.

I bought a big diamond today and I'm delighted, can I tell you strangers on here and can you stroke my ego please.

hurikane

No way I’m believing this with all the money you poured into the Citroen.

I see sheep

I see sheep wrote: »

I bought a big diamond today and I'm delighted, can I tell you strangers on here and can you stroke my ego please.

Good man. You should now use that diamond as collateral against another diamond, and rent the first diamond out to people so you can pay the new one down and then try to get a third diamond.

If you keep at it, and are consistent, you'll eventually have a full deck of cards.

Ace2007

[Deleted User] wrote: »

So what? No one should be happy to have bought a house? Would you cop on to yourself.

Given that there are only a few circumstances in which you are still a FTB, questionable if you actually bought the house in the first place - gifting and Inhertiance being the two main options - the third buying outright with cash - and so not needing a mortgage.

None of them are the norm.

So while folk deserve to be congratulated on clearing a loan - If you didn’t scrape to buy like the masses then you can understand their frustrations at the post

I see sheep

begbysback wrote: »

But it doesn’t actually really take the good out of it now does it,

I think you've misunderstood the phrase completely.

hurikane

hurikane wrote: »

No way I’m believing this with all the money you poured into the Citroen.

I forgot about that. I'd have been in such a better place financially if that hadn't happened.

And then I wouldn't mind, but I was close to clearing the house on two different occasions and both times I got hit with big repair bills. Shed roof leaked first time and had to be re-felted. Then when I was just on the cusp of clearing the house a 2nd time the bathroom leaked into the kitchen below it 🙄 frustrating.

Such an almighty pain in the ass. At least, unlike the C5, the house issues were fixed by people who knew what they were doing, though.

How much was this "mortgage"

Whered the house come from?

I mean you wanna talk, let's talk

I see sheep

Deleted User wrote: »

Good man. You should now use that diamond as collateral against another diamond, and rent the first diamond out to people so you can pay the new one down and then try to get a third diamond.

If you keep at it, and are consistent, you'll eventually have a full deck of cards.

I'd take a bullet in the head over being a Buy to Let landlord. Thanks anyway.

Does this mean that now that you own a house your first thoughts are that you want to buy another one to get a bit more money?

You sound like a wee Donald Trump wanabee.

Good lad, I'm sure when you've made your first million that'll be great and you'll be happy then like your hero Donald and you'll tell us all here.

begbysback

I see sheep wrote: »

I think you've misunderstood the phrase completely.

I don’t think so, I understand the phrase and understood the spirit in which it was used. Maybe you misunderstood my understanding?

Ace2007

Ace2007 wrote: »

Given that there are only a few circumstances in which you are still a FTB, questionable if you actually bought the house in the first place - gifting and Inhertiance being the two main options - the third buying outright with cash - and so not needing a mortgage.

None of them are the norm.

So while folk deserve to be congratulated on clearing a loan - If you didn’t scrape to buy like the masses then you can understand their frustrations at the post

To be fair, I had no intention of the thread going the way it went. I was happy (and rightly so) to have cleared the house loan and now I'm looking for advice on what happens next.

The credit union wouldnt give me such a large amount of money unless it was a mortgage, but they weren't allowed to do mortgages at the time. So they offered me a home improvement loan, which would be secured against the house, with the credit union maintaining a legal charge on the house title... in other words, a mortgage in every sense, but not actually called a mortgage.

The purpose of the thread was to find out if I do anything or does that stuff (legal charge etc) automatically get removed upon the last payment.

People on here are so busy grinding their teeth and begrudging that they haven't read the parts where I stated I'm not even planning to live here forever and as such will be looking to get a house elsewhere. I'm still very much going to be looking to get a mortgage in the immediate future (if I can).

No one has asked about the circumstances of the purchase, the value of the house, income, extra efforts made, or anything at all, instead opting to just moan and complain because they perceive someone else to be doing better than them, based on two quickly written sentences.

But I'll bow out now, as it just seems to have annoyed people, and I got a rough idea of what I'm supposed to try next, thanks to some helpful posters. 🙂

ahnowbrowncow

I see sheep wrote: »

Have you never heard "talking about it takes the good out of it"?

Epic thread fail imo, when there's thousands struggling with the housing **** show, end it here I'd suggest.

And have you never heard the phrase 'if you've nothing good to say then say nothing at all'?

You don't have to read or post here and the OP could be a total nudnik with no one else to talk to about clearing their house debt so I say leave them be.

Graham

Mod Note

I see sheep, do not post in this thread again.

An Ri rua

I see sheep wrote: »

Have you never heard "talking about it takes the good out of it"?

Epic thread fail imo, when there's thousands struggling with the housing **** show, end it here I'd suggest.

That's a ridiculous comment. Op is looking for advice. Get over your and others' predicaments. Epic post fail.

Apologies Mod. Only seeing your post behind mine now. Will delete this if needed.

An Ri rua

Ace2007 wrote: »

Given that there are only a few circumstances in which you are still a FTB, questionable if you actually bought the house in the first place - gifting and Inhertiance being the two main options - the third buying outright with cash - and so not needing a mortgage.

None of them are the norm.

So while folk deserve to be congratulated on clearing a loan - If you didn’t scrape to buy like the masses then you can understand their frustrations at the post

Maybe buys a house in 2011 for peanuts using a CU home improvement loan of 60-90k and here we are 10 years later. Maybe had a small lump of money going into that window of opportunity.
No reason at all for others to be frustrated. That's a seriously BS way of approaching life. And unrealistic. If someone has made his moves they'll have been afforded the same forks in the road. If they chose different paths, such is life. If they lost their job just as opportunities struck, such is life.
The OP has questions. If some need to go and have a little cry for themselves before composing themselves and answering the OP, again, such is life.

I might be wrong Op, but if your name is on the deeds of a property, you no longer qualify as a first time buyer. Happy to be corrected.

Seriously delighted for you. No doubt a lot of graft in the past 10 years so it's got to be a sweet feeling. Good on you.

Sleeper12

feelings wrote:

So I paid off my home improvement loan from the CU today... and I've come to boards to gloat

If it's true, I say let him gloat.

Congratulations op