So I paid off the mortgage today

mariaalice

It's not that uncommon but might be a bit less common today because of the way the property market is.

My brother brought a house two years after he graduated not in Dublin it was a wreck massive hole in the ceiling, plaster falling off, the kitchen was one cupboard with a tap, no heating. He sleep in a sleeping bag and worked on it in the evenings on the bits he could do and got people in to do the work he couldn't do, made a tidy profit.

3DataModem

People used to celebrate the day they paid it off, but nobody seems to do it anymore for fear of embarrassment.

Good on you OP.

Some general advice when you pay off your mortgage (not really relevant for OP):
- Get the assignment of the mortgage protection life cover removed, and decide whether you want to keep the insurance. Decreasing insurance is cheap now but horribly expensive in later years, so worth thinking about.
- Get the deeds somewhere safe (definitely not safe with the bank). Ideally with your solicitor, but keep a copy with your will (wherever that is) as the time that deeds need to be reconstructed is usually after someone dies
- Set your next mortgage payment aside and buy yourself something nice. You've earned it.

Ace2007

mariaalice wrote: »

It's not that uncommon but might be a bit less common today because of the way the property market is.

My brother brought a house two years after he graduated not in Dublin it was a wreck massive hole in the ceiling, plaster falling off, the kitchen was one cupboard with a tap, no heating. He sleep in a sleeping bag and worked on it in the evenings on the bits he could do and got people in to do the work he couldn't do, made a tidy profit.

Yea and that's great about your brother - many more should be doing stuff like that it they can't afford more - but when want the luxury from day one.

However, the title is that they paid off their mortgage, you can't be a FTB if you've had a mortgage. It's a CU loan, which is different. The technical reason as to why it's different is the reason why he/she can still be a FTB.

If someone comes on to say that paid off there 30k car loan - they would get abuse for having one in the first place.

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

OP bought from the Council with a loan from the credit union 4 years ago, according to OP. I presume the tenant purchase scheme.


https://www.boards.ie/vbulletin/showthread.php?p=103446852

Beanybabog

Congrats OP, it must be a great relief. I’d say contact your solicitor to make sure they have the deeds. If it was only a loan the deeds may have stayed with the solicitor all along (for a mortgage they’re held by the bank). They’ll normally hold them for you but sometimes charge a fee. It’s best to have them somewhere safe that’s not in your house. If the loan is secured against the property it’ll be registered on the folio so they’ll make sure the CU lodges the discharge (to strike it off the folio).

ednwireland

fair play OP

paid my mortgage off several years ago at 49, great weight off, done lots of nice things (like tarmac the drive which makes it so much more pleasant). some friends too a CU loan to renovate the homeplace, great way to do it if you can.

Confused11811

Well done OP , it's a huge achievement to be a home owner and mortgage free at your age, forever home or not you still have your place regardless. Some may try to belittle your achievement, some may say you were just lucky but you need to make your own luck some times.

I cleared my mortgage a week before my 40 on my main residence (probably my forever home) I recognize some of the responses of disbelief/begrudgingly here. I originally bought my first place at 24 years of age in an ex council estate probably not to different from where you bought. 16 years and a few house sales/moves later I paid off my main property , 2 year after paid off my rental property. All the time driving a ****ty car not unlike that Citron of yours :-)

Each time I walked into bank and paid the mortgages off it felt a bit surreal and each time I forgot to ask about the deeds and documentations the bank would have had. On both occasion the bank send a letter confirming the mortgages had been settled and informing me I would receive all deeds and documentations in time. I've no idea how CU's work but it's probably not to different, don't be stressing about it. Enjoy your moment and be happy in your achievement, unfortunately others won't be happy for you but pay no attention to them. If you've not heard anything from the CU in a week or two give them a call.

Regarding renting your property at a future point I took the decision to sell my rental property I completed the sale in March. I made the decision because I just felt being a landlord wasn't something I wanted to do anymore. I considered a long term lease (10 or 20 years) to council but I've decided to sink a bit of money into my forever home and got a new car , which while a terrible investment is a nice place to be when driving around :-) I'll have a significant amount of cash left over after the home renovations and I'll probably invest it rather than buy another house.

Enjoy your success, you don't have to do anything or make any big decision on your future just yet.

Congrats OP, must be a great feeling to have mortgage paid off. I've a good few years left unfortunately but getting there slowly.

Get a deposit together, find somewhere you actually want to live, rent the house you got cheap off the council back to the council for ~1400 a month, happy days.

mariaalice

Deleted User wrote: »

Get a deposit together, find somewhere you actually want to live, rent the house you got cheap off the council back to the council for ~1400 a month, happy days.

A little bit of that goes on but not as much as people claim.

https://www.rtb.ie/

Creamy Goodness

A nation of begrudgers alive and well truly in this thread.

Fair play OP, don't have any real advice other than to say don't get cushy having the monthly repayment amount now sitting in your account, but I doubt you will anyways.

mariaalice

This is only right and proper.



[*]Minimum Standards include:

[*]The property must be free from damp and in good structural repair.
[*]Hot and cold water must be available.

[*]All rooms must have adequate ventilation and heating, which tenant(s) can control.

[*]All appliances should be in good and safe working order.

[*]For leases of less than 10 years: Facilities for cooking preparation, storage of food and laundry including a 4-ring hob, oven, grill, fridge and freezer or fridge/freezer and microwave, and sink that provides safe drinking water must be provided. There must also be adequate storage to separately store food and cleaning products. For leases of more than 10 years: the above applies and dwellings must provide facilities to install white goods, but white goods do not have to be provided. (This is not applicable to Approved Housing Body (AHB) tenancies). Click here for summary of AHB requirements.

[*]Electrical wiring, gas and water pipes are required to be in good repair.

[*]Each dwelling contains, where necessary, carbon monoxide detectors and alarms, which must be suitably located.

[*]In houses there must be access to a fire blanket and fire detection and alarm system.

[*]In multi-unit buildings, there must be a fire detection and alarm system, an emergency evacuation plan and emergency lighting in common areas. Fire safety equipment must be maintained.

[*]Where there is no access to a yard / garden, access to communal laundry facilities, such as a washing machine and a dryer, must be provided

[*]All habitable rooms must have natural lighting and adequate artificial lighting.

[*]Windows that are located above 1400mm must be fitted with safety restrictors, in order to prevent falls.

[*]There is a permanently fixed heater in each bathroom/shower room and these heaters are properly ventilated and maintained.

[*]Information must be provided to tenants on the property, building services, appliances and their maintenance requirements.

[*]Efforts must be made to prevent the infestation of vermin and pests.
[*]Access to refuse storage facilities.

[*]Safety and Fire Safety

[*]It is very important that landlords are aware of their responsibility for safety, in particular on fire safety.

https://www.rtb.ie/

new2tri19

I cleared mine at 35 , I'm now 40 and can't figure where that mortgage money is gone it was around 1000 a month tracker mortgage had 23 years left. Looking back i would do things differently, I think come up with a plan to stop that extra money just going on stupid stuff like coffees and takeaways.
It allowed us to live more comfortably but you end up spending it on stuff you could do without .
I should of set up a direct debit of 500 into some kinda savings account and 500 extra to live on or something like that .
Congrats and I didn't tell anyone in real life , when people complain about mortgages etc I just nod along .

PokeHerKing

new2tri19 wrote: »

I cleared mine at 35 , I'm now 40 and can't figure where that mortgage money is gone it was around 1000 a month tracker mortgage had 23 years left. Looking back i would do things differently, I think come up with a plan to stop that extra money just going on stupid stuff like coffees and takeaways.
It allowed us to live more comfortably but you end up spending it on stuff you could do without .
I should of set up a direct debit of 500 into some kinda savings account and 500 extra to live on or something like that .
Congrats and I didn't tell anyone in real life , when people complain about mortgages etc I just nod along .

It's the same way with pay rises. If you don't put it away or invest the extra then your lifestyle just swallows it up. People don't seem to plan much around finances and then wonder why their finances are in rag order.

Canyon86

Congrats OP enjoy!

Any tips?

Canyon86

Canyon86 wrote: »

Any tips?

Don't be happy about anything on Boards. :P

The_Conductor

Ok guys- the OP's specific question is what does he do now to ensure that all the legalities are properly observed to ensure that the CU lien on the property is removed. If people have specific advice for the original poster- please share.

The_Conductor

The_Conductor wrote: »

Ok guys- the OP's specific question is what does he do now to ensure that all the legalities are properly observed to ensure that the CU lien on the property is removed. If people have specific advice for the original poster- please share.

For what it's worth, I have contacted the CU and the person on the phone wasn't wholly sure, but said they'll get a loan advisor to call me back.


That was fairly late in the day, today, so I presume I'll hear back before the week is out.

dirtyden

Deleted User wrote: »

For what it's worth, I have contacted the CU and the person on the phone wasn't wholly sure, but said they'll get a loan advisor to call me back.


That was fairly late in the day, today, so I presume I'll hear back before the week is out.

Congratulations on owning your home. It’s a great feeling to have it paid. Since I paid mine the difference in financial independence is substantial.

Out of curiosity why did you take this approach and not an actual mortgage.

Kermit.de.frog

The_Conductor wrote: »

Ok guys- the OP's specific question is what does he do now to ensure that all the legalities are properly observed to ensure that the CU lien on the property is removed. If people have specific advice for the original poster- please share.

Nah

YellowLead

I think OP a lot of begrudgery was directed because of the title of your post. It is a tad inflammatory given what a lot of people are going through right now.

But fair dues to you and congrats- I hope you get useful advice