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Mortgage Free - Pay off Entire Balance?
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[Deleted User]
Posts: 0 Newbie
I'm in the lucky position of potentially being mortgage free in a couple of months time, but I'm wondering whether to pay off the entire balance of the mortgage
The mortgage is an offset mortgage so I don't know whether to leave a minimal balance on the mortgage or pay off the entire loan. Are there any benefits to leaving a minimal balance against the mortgage?
Any help will be much appreciated.
The mortgage is an offset mortgage so I don't know whether to leave a minimal balance on the mortgage or pay off the entire loan. Are there any benefits to leaving a minimal balance against the mortgage?
Any help will be much appreciated.
0
Comments
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Surely one of the key advantages of having an off set is that when you take the balance to zero, you still have the ability to borrow again if you ever need to do so at the same rate as the original loan.RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130
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