Pay off mortgage in full?

dimbo61

If the svr is over 7 % then pay off your mortgage.
Your lender will send the old deeds ( can be alot of paperwork if old house )
and you will be registered as the owners with the land registry.
Save into ISA,s for the future and well done on becoming Mortgage Free.

getmore4less

I have a feeling that the land registry does not keep EVERYTHING that the paper work pack will have in it, so it can have some value.

When we changed mortgage the new lender did not want any of the paperwork the old lender sent back so we got it all.

bcfcjwb1

Looking back at all the replies and in particular the last reply (advising that the new lender sent the documents back to the householder) it seems that the deeds argument is no longer a valid reason to keep a small amount left on the mortgage. So does it help for credit rating reasons?

Anyone have any other views?

Thanks in advance

jauntyangle

The other option could be to offset your mortgage - that way you're covering your mortgage and paying no interest, but have access to the cash if you should need it for some unforseen event - or if banks start giving massive rates on savings accounts to attract your cash.

You're also protected in the event of the bank going bust - as your savings would just pay off your mortgage.

If I hadn't offset my mortgage (with Intelligent Finance), I'd be bricking it right now!