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Pay off Mortgage?
DUTR
Posts: 12,958 Forumite
My mortgage is low now and I over pay (3*) there is about 2yrs left to run, I have some money sat in a savings account paying me 0.1% gross 
My mortgage rate is 1.19 and will go up to 2.5% next month is it worth me paying it off in a couple of months?
I hear different stories about if it is wise to clear off a mortgage
My mortgage rate is 1.19 and will go up to 2.5% next month is it worth me paying it off in a couple of months?
I hear different stories about if it is wise to clear off a mortgage
0
Comments
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what do you feel would make paying the mortgage off unwise?
People used to keep a nominal balance on the mortgage so that the bank would store the deeds or they wouldn't have to pay for all the legal work should the need to remortgage in the future. This doesn't really apply anymore as the "deeds" are not the same types of document they used to be, you would receive a land certificate when the mortgage was paid off and can apply for cpies cheaply enough should this be lost. You can usually get a remortgage with free legal fees now also.Happily an ex mortgage broker!0
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