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Paying off the Mortgage - is there a downside?
Rod1883
Posts: 21 Forumite
I'm in the fortunate position that we (my Wife and I) may be able to pay off all, or very nearly all, of our outstanding morgage debt (circa £48k) when the current fixed rate deal comes to an end at the end of July this year. If we cannot quite pay off the full total there and then, I intend to pay the remainder within four to six months.
My question: Is there a downside to this - should we leave a small nominal amount on the mortgage so that the lender continues to hold the Deeds* 'free of charge' and we avoid any redemption fee? Are there any other downsides to being mortgage free?
I would welcome views/thoughts.
*Also, What happens to Deeds when you are mortgage free?
Rod.
My question: Is there a downside to this - should we leave a small nominal amount on the mortgage so that the lender continues to hold the Deeds* 'free of charge' and we avoid any redemption fee? Are there any other downsides to being mortgage free?
I would welcome views/thoughts.
*Also, What happens to Deeds when you are mortgage free?
Rod.
0
Comments
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The deeds are not as crucial now as they were years ago as the land registry holds electronic copies.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I've now asked this question in the Mortgage Wannabe forum, probably the more appropriate place.
Rod0
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