Paying off mortgage early

You tell the bank.

They issue a redemption amount, incl. any breakage fees if on a fixed rate.

You pay the redemption amount.

There may be a few euro up or down leftover, due to days interest, etc.

Then the process of returning the title deeds starts, which is typically slow.

The MPP is no longer assigned to the lender.

You consider whether to keep the MPP or not.

You wait for the dees, it may take 16 weeks.

You think about where to store the deeds.

I’d pay the mortgage down to smallish money ie 3 or 4 grand and continue to pay the small monthly mortgage which leaves the deeds with the Bank until mortgage is finally cleared , with AIB you get free banking if your mortgage is with them regardless of amount which is another reason if your with them

I repaid my mortgage early, due to moving house. My MPP was cheap, €100 pa, so I decided to keep it as cheap life insurance cover.

The way things are going may need a waterproof safe too.

Lucky you but our friends had tracker mortgages and because the file was incomplete, nobody would take on the mortgage after Ulster bank.

I think banks or solicitors are no longer a robust way to store documents. They both loose things too often.

Two views.

1. Being mortgage free is a great feeling. You find you have spare cash and you start enjoying the little extras in life.

2. If your pension is not at a level you feel you'd like it to be, then this is an opportunity to make extra payments rather than pay down the mortgage. Eg, if you have €100k cash. Put it into an interest account - 2.2% attainable. Increase pension contributions to max - let's say extra €2350 a month. This would see a €1500 net after tax drop in your income. Transfer €1500into your everyday account from the savings account. An easy €850 a month gain on top of the 2.2% interest. Over 5 years, this would give you near 60% risk free return over 5 years - on top of any pension growth.

After this, I am looking to take charge of my own deeds and have my own safe.

Any suggestions for a safe to store deeds?

I worked in the deeds department of a bank before - most times they are not stored by the bank but they are stored offsite using a service provider like Iron Mountain and things went missing all the time.

Have you looked 2nd hand on Adverts for an old one?

Can i jump in here and ask some advice? Iv been saving for a few years to pay off my mortgage and im almost finished saving. I use some of my savings and from my salary and i also rent out a few rooms . I think i may have went over the 14000 allowance although im not sure. Are you meant to declare it to revenue. Will they check up on me? Im thinking of selling and buying again should i just use the money iv saved to put towards buying a new house. If i go to clear my mortgage with the money i saved up arouse suspician?

oh ok i wasnt aware so should i inform them straight away ? Whats involved in it ? what checks do they do ?