Nationwide Remortgage leaving mortgage open with a pound

macca789456

Hi have just had my redemption figure for my Nationwide mortgage as we are stuck on there 10 year fixed rate mid term.We have decided to pay the E R Charges and remortgage elsewhere as they will not offer us another product.With the redemption figure was a remmittance advice letter which states"N B. for our members who are paying off their mortgage but are not selling the property. an alternative to closing your account in full is to keep the account open with a balance of 1.00 the advantages of keeping your account open are you may be able to apply for further borrowing in the future without the associated legal fees with a new mortgage." As we clearly told them we are Remortgaging with another lender is this possible and has anyone else come across this before surely there would still be a charge on the property albeit just a pound many thanks.

hillcats

Lenders insist on first charge over the property , so don't think this would happen even considering such minimal balance.