Last Mortgage Payment Next Month

Derek_Churchad

Is it a myth that I should not fully pay off my last payment, leaving say £5 outstanding as this will provide me with a credit rating and also save money as I'll not have to lock away the deeds in an expensive Bank volt?

Thanks

(New Bee)

Derek

SmileyG_2

Derek_Churchad wrote: »

Is it a myth that I should not fully pay off my last payment, leaving say £5 outstanding as this will provide me with a credit rating and also save money as I'll not have to lock away the deeds in an expensive Bank volt?

Thanks

(New Bee)

Derek

Hello Derek

It seems that a number of lenders will allow you to retain a mortgage balance and continue to look after the deeds. Most deeds are now going electronic and will comprise no more than an entry in a database at the Land Registry. Best to tlk to your lender.

SmileyG

setmefree2

Well done on that

co123456

I'm hopefully going to be in this position this year and have been considering leaving the mortgage open for a while for two reasons:
1. I don't have any savings so I can leave a 50K credit line open at Northern Rock's SVR whilst I build up a reserve.
2. I could continue to route money from cashback credit cards through Northern Rock and claim free money.

Phlip_corter

Thanks for sharing a very informative information here.