Paying off my mortgage query

hansi

I am about to pay off my mortgage, and rang my solicitor to ask him about holding the deeds for me and he said I should seek independent financial advice before paying off the mortgage in full. He was quite insistent about this and I was wondering why? I just want to to be debt-free and maybe release some equity at a later date.

getmore4less

hansi wrote: »

I am about to pay off my mortgage, and rang my solicitor to ask him about holding the deeds for me and he said I should seek independent financial advice before paying off the mortgage in full. He was quite insistent about this and I was wondering why? I just want to to be debt-free and maybe release some equity at a later date.

What if you can't because circumstances have changed?

I mitigate this risk with a no cost offset mortgage, if I need money I just spend it no going through hoops to get a new mortgage.

hansi

Ok, so would an IFA be able to advise me on this? My mortgage is with Britannia and they said I could leave £100 on my mortgage and this would avoid me having to pay solicitor's fees if I took out another mortgage, but all they could offer me was a home owners loan, and that would mean paying back monthly interest, which I want to avoid by paying off my mortgage. It really is complicated, isn't it?