Completely pay off mortgage or leave nominal balance?

humfer

Busy trying to pay of the mortgage but just wondered what people recommend. I've heard people in the past saying it's best to leave a pound balance on mortgage as provider will keep deeds etc. Is this still the case?

dimbo61

Yes this is still the case but you are registered with the land registery as the owner of the property online

wymondham

Everything is electronic these days so you don't really need to have physical papers....

pleasedelete

You get the deeds now when you buy a house. We got ours and wills mentioning it as well. Sent to us 3 days after purchase- by solicitor I think but might have been mortgage company.

diable

I have my deeds............. somewhere, just frame them and hang them on the wall so all your visitors know you have paid off your mortgage.

gjchester

humfer wrote: »

Busy trying to pay of the mortgage but just wondered what people recommend. I've heard people in the past saying it's best to leave a pound balance on mortgage as provider will keep deeds etc. Is this still the case?

Woolwich (paid off before they became Barclays) said it didn't matter. If we wanted to have an new mortgage it wouldn't matter what was left on the old one as it would be an entirely new application.

We paid it all off.

inkie

Can't see the point of keeping a nominal balance - we paid all ours off.

adwat

I intend paying it all off, I was going to keep a nominal amount to make any further borrowing easier - but it doesn't work like that as you have to apply for any further borrowing anyway. Also, it will be nice to hang the deeds on the wall in the smallest room in the house lol.