Pay Off Mortgage Or Keep It Going?

sun8eam

Hi All,

I am in the process of selling one of my 2 properties in order to pay off both mortgages completely.

Having read through a few posts and threads on this site, I understand that it might possibly be worthwhile for me to leave a small amount of money in my mortgage account for the house that I will eventually live in. The advantages of this being:

a) The Deeds are kept by the bank (in a safe place).
b) Keeping it open will still allow me to borrow from the bank mortgage account in the future should I need to.
c) No exit penalty fees will be payable to the bank.
d) No annual extortionate costs paid to a solicitor to keep my deeds

I would really appreciate any advice on what people have done to tackle this or whether its best to simply pay it off completely and be done with it.

Thanks in advance,

sun8eam

george_jetson

As I understand it deeds are all kept electronically at the land registry these days so I wouldn't let the safekeeping of the paper deeds influence your decision.

I'm fully offset. I haven't cleared the mortgage purely because I like the idea that a low interest line of credit is available to me if I needed it. Can't think of the circumstances in which I'd need to use this but for peace of mind it's nice to have.

sun8eam

Thanks for letting me know on that George, much appreciated. Will look into the offset option also as a possibility.

Cheers,

sun8eam