To be mortgage free... or perhaps hold out a while?

jarthurs

As of this Friday I have the option of becoming mortgage free! I only have £14k left on the mortgage on the family home. I'm just about to complete a house sale which will mean I could pay off my mortgage.

We are however hoping to embark on a substantial extension which could potentially exceed the capital received from the sale of the other house. So I was wondering would it be better to keep paying the existing mortgage (it's only £72/month) as if we did need further money to complete the extension we might have a better chance of extending our existing mortgage. I'm self-employed and I suspect I'd never get a new mortgage in the current climate.

Any thoughts?

Regards,
Jason.:j

originalmiscellany

Sounds to me Jason like as you said, you'd be better off keeping your mortgage open if only for a few months, until your building work is completed, thus you could extend the mortgage easier than if you needed to re-apply etc...