Mortgage paid off at end of month, should I keep it going?

gordon2

I have an interest only mortgage with an endowment maturing at the end off June, which, along with some of my savings, will enable me to pay the mortgage off.:j

Someone said to me that I should pay off the mortgage less a few £, that way if I ever wanted to borrow money I could easily get a new mortgage.

Also are there any other advantages to keeping a mortgage going?

Me, I would prefer to have it paid off.

The mortgage is with the Halifax and my wife and I are retired and live in Scotland if it makes any difference.

beecher2

You couldn't 'easily' get a new mortgage as you'd still be subject to lending criteria. If you'd prefer to have it paid off, I'd do so - it is a good feeling.