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Can pay off mortgage now, but should I leave balance of £1.00?
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BlondeHeadOn
Posts: 2,277 Forumite
Finally we can pay off our mortgage - hurrah! - so I plan to do this next week.
We have a Nationwide flexible tracker, which is fully flexible and allows you to pay off as much as you like - but then keeps the overpayment as a 'pot' in case you want to draw on it again for any reason. The payments are IO anyway, so if I left a £1.00 balance I presumably would not get charged anything.
I can't decide whether to leave the balance at £1.00 'just in case'. I feel a bit nervous about handing over all that dosh for good.....
Has anyone ever paid off their mortgage in this way? And if so, did it cause any problems?
Thanks in advance!
We have a Nationwide flexible tracker, which is fully flexible and allows you to pay off as much as you like - but then keeps the overpayment as a 'pot' in case you want to draw on it again for any reason. The payments are IO anyway, so if I left a £1.00 balance I presumably would not get charged anything.
I can't decide whether to leave the balance at £1.00 'just in case'. I feel a bit nervous about handing over all that dosh for good.....
Has anyone ever paid off their mortgage in this way? And if so, did it cause any problems?
Thanks in advance!
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