Paying off mortgage/credit rating

Barbsie

Our mortgage is now £19K, which we can afford to pay off. But I have heard that having a mortgage is good for credit rating if we want another loan or credit of some kind.
If we pay it off, we are left with 2 credit cards between us - one of which is paid off in full each month, 2 current bank accounts , various savings and long standing utility provision (gas/electric) which we have never got into arrears with. We are both working full time
Will paying of the mortgage adversely affect our credit rating? Am I being paranoid?

Trying_to_be_good

I think you're being paranoid - so long as you're registered to vote at your current address, and have ongoing credit agreements (credit cards, phone accounts etc) that are well managed, you credit report should be fine.

Is your mortgage at a higher rate than the credit card you don't pay off each month? I'd always pay the highest rate debt first, for what it's worth.

Good luck!

Barbsie

Thanks for that Trying... It's his credit card not mine so I leave him to it