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Nominal balance on mortgage
bryn-hyfryd
Posts: 1 Newbie
We are looking to clear our mortgage but have been told we can keep a nominal balance on it (£1), interest free.
Does anyone know the pros / cons of doing this, please?
Does anyone know the pros / cons of doing this, please?
0
Comments
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The lenders sometimes like to do this as it enables them to keep your deeds and if you wish to remortgage in the future it makes it easier to do so. If you dont intend to remortgage then there isnt much point.MFW - <£90kAll other debts cleared thanks to the knowledge gained from this wonderful website and its users!0
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Also keeps a charge on the property so harder to steal.0
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Means
1) With some lenders you can draw money back down easily
2) The lender will hold on to your title deeds free of charge. Otherwise they get sent to you and you either need to pay to have them stored securely elsewhere at your solicitors or similar.0
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