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I HAVE FINISHED PAYING THE MORTGAGE, WHAT DO I DO NOW?
Obligatory procedures at the end of your mortgage
The first thing you should do is celebrate; then, although this is not mandatory but it is highly recommended, cancel the mortgage and remove the charge from the land registry. They are simple bureaucratic procedures and, above all, they will be the last! Then, you can look out the window and think about all the possibilities that lie ahead, everything you can do with the money that you used to pay for your mortgage every month until now.
- There are very few bureaucratic procedures: they can be completed by the bank that granted you the mortgage or by yourself.
- It's optional. If you don't, in 20 years it will be done automatically.
- However, it is essential if you decide to sell the house.
- And it is not essential, but it is highly recommended, if you want to apply for a new mortgage or a loan for anything else.
- Also, the IAJD is free.
And when you've paid off your mortgage?
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Request a debt certificate. This document is issued by the bank that granted you the mortgage and certifies that the loan is paid. The notary will need it to draw up the deed of cancellation of the loan.
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Request cancellation of the deed at the notary's office. Deliver the zero debt certificate so that the notary can write the loan cancellation deed. The document must be signed by the bank's attorney-in-fact.
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Pay the stamp duty There is no charge, but you must fill in, in person or electronically, form 600 for this tax.
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Cancel the mortgage registration. You must go to the registry with the cancellation deed and the stamp duty document so that your house appears free of charges. You have been waiting for this moment for a long time, right?
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Request, after a few days, an updated "nota simple". You will check that your house appears free of charges. You will be able to see it, see it again and kiss it, if you're really happy. Keep it in case you need to show that the house is debt free.
Now that you don't have to pay the mortgage every month, you are free to invest in whatever you want and, above all, in yourself.
Invest in investing
You can do it little by little, like you paid your mortgage. You can do it in investment funds, in stocks 1.
Invest in your future
It may be time to think about putting a little more in your pension plan or opening one, if you don't already have one.
Invest in a dream
A yacht? Go ahead! Pull down the partition and make a kitchen with an island? Go ahead! Change car or buy another, but electric and small? Go ahead! Do the maths and if it adds up...
Invest in another home
You have paid for one and you have seen that it is possible. Buying a second home for holidays or to rent out and have an extra income seems like a very sensible option. So much so, that it is the option that the majority usually choose in situations like yours.
Invest so you don't have to remember to invest
It's called delegated investing and it allows you to delegate the management of your investments to a team of experts. You will have an investment advisor to design your investment strategy in the medium and long term. And do not think that it is for large fortunes: The minimum investment amount is €1,000.
Remember:
- The value of investment funds can fall well as rise, and you may get back less than you invested.
- On a scale of 1 to 7, the risk level of Bankinter Pension Plans is between 2 and 6. Category “1” does not mean that the investment is risk-free. The risk level of every Bankinter Pension Plan is described in detail on its specific page at bankinter.com. You can check the risk level of your pension plan in the product factsheet, as per order ECC/2316//2015.
- The prospectus and key investor information document are available at all Bankinter branches, on our website bankinter.com and on the website of the Spanish National Securities Market Commission, (www.cnmv.es).
All your decisions can be calculated beforehand.
Calculate your state pension
Just enter your age, years worked and current gross salary, and you can calculate what your public pension might be.Pension plan simulator
Don't leave it for another day. It only takes a few minutes to plan your retirement, your future.Regular investment calculator
Simulate your investment strategy. You can test with the amount you think you want to invest periodically or you can set a goal to calculate your contribution.Remortgage, yes or no? Honestly, this is something very personal.
Your questions, and those asked by almost everyone else
Información de interés
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Show/Hide legal text1 Shares: To check the risk indicators and details about shares, please go to www.bankinter.com/broker