Paying of my morgage will it effort my credit rating

Hayley_ohsosweet

If I pay off my morgage (held for 17years) will this effect my credit rating and so the possibility of having a morgage in the future? SHould I leave a small amount (£5,000) on my morgage.

I currently only have a credit card which is paid off in full every month.

Gary123456790

Hi,

All my experience with credit ratings is basically that 'no news is good news'. The are really only interested in bad things!

My wife had never had a credit card or any type of finance before we got our mortgage - she only had a current account, ISA and visa debit card. Her credit history was therefore very limited with no history of repayments but we had no problems as there was no history of any problems like missed paments.

Paying your credit card in full each month will show on your credit card as good each and every month, and once cleared your mortgage will still be present on your credit history for quite a while, showing that you met your payments.

Personally I would pay off the mortgage as quickly as possible, avoiding early redemption charges as much as possible and benefit from not paying any interest.

Regards,

Gary.