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Leaving a £1 mortgage in place
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we are with nationwide and plan to leave a £1 nominal balance for the simple reason that we can borrow back our overpayments if we need to. If we clear the mortgage then this option is gone.
We don't plan to borrow back but if we need to then it is an easy and cheap way to do it (compared to personal loans and credit cards).
and besides it is only a pound and you don't pay interest on it!
see half way down page -
http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=10480
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