Paying off mortgage - should I leave balance of £1.00?

lovinituk

harvey115 wrote: »

I would still leave a sum just above £100, I do not trust the the customer services staff.

Not very 'money-saving' though seeing as they will be paying 100x the interest they would be paying on £1

BlondeHeadOn

lovinituk wrote: »

Not very 'money-saving' though seeing as they will be paying 100x the interest they would be paying on £1

I agree - I definitely think I am going to risk the £1.00 only !

VodkaSorbet

What rate are you paying on the mortgage?

Would it be worth putting the money in savings instead of paying it off the mortgage, if you could earn more interest than you are paying?

I only ask because I have a Nationwide tracker at a brilliant rate so just wondered if yours was the same.

ScotlandM

VodkaSorbet wrote:

What rate are you paying on the mortgage?

Would it be worth putting the money in savings instead of paying it off the mortgage, if you could earn more interest than you are paying?

I only ask because I have a Nationwide tracker at a brilliant rate so just wondered if yours was the same.

Big scale Stoozing

dimbo61

There is an advantage to still having a mortgage on the property!
If a property is mortgage free then be careful as its been known for fraudsters to take out a loan with your home as security.
More difficult to do if your mortgage company has First charge on the property as anyone trying to borrow money and therefore taking a charge out on your property must get permission off your lender first.
Please check this out yourself

BlondeHeadOn

VodkaSorbet wrote: »

What rate are you paying on the mortgage?

Would it be worth putting the money in savings instead of paying it off the mortgage, if you could earn more interest than you are paying?

I only ask because I have a Nationwide tracker at a brilliant rate so just wondered if yours was the same.

Yeah, we have been doing this for the last couple of years - we could have paid it off before now. I'm now thinking that interest rates are going to rise soon though, and as my OH has recently retired it would be nice to have the mortgage paid off.

I might wait a bit longer though....