Nearly mortgage free!!

andypv

Sorry if this has been a theme before but I'm a new member amd was wanting a bit of advice. A good friend tells me that it is better to keep a small amount in my mortgage fund rather than pay the whole lot off because it affects the credit rating, is this correct as the only credit we have is 1 card and I cannot see affecting me. Thanks in advance.Andy

sb44

andypv wrote: »

Sorry if this has been a theme before but I'm a new member amd was wanting a bit of advice. A good friend tells me that it is better to keep a small amount in my mortgage fund rather than pay the whole lot off because it affects the credit rating, is this correct as the only credit we have is 1 card and I cannot see affecting me. Thanks in advance.Andy

I also heard that it is best to keep a tiny amount left ie £10 so that the bank hold your deeds and it saves you paying for a safety deposit box to keep them in.

How does that work if you are paying by dd, won't they take your normal payments and amend the last one to include every single penny that you owe them?

pawlala

Deeds are electronic?

sb44

pawlala wrote: »

Deeds are electronic?

Well we had 'paper' deeds because the solictor gave us a photocopy of them when we purchased the house.