Do I pay off the entire mortgage?

Mrsss_2

I have just inherited some money (60k) which coincides nicely with the end of my £50k 5 yr fixed rate mortgage. I am going to therefore pay of my mortgage but just wondering if I should pay off the entire amount? I would like to move house in a couple of years and was wondering whether it would be easier if I kept a small amount in my mortgage? My mum keeps saying that I should but after researching I can't see why?

Many thanks

Thrugelmir

There's no benefit to doing so.

tescobabe69

Leave a couple of hundred on it, you maintain a relationship with your provider and they keep your deeds - for free.

Zero_Sum

if its a 5 year fix, wont there be a penalty for over paying by a certain amount?

Zero_Sum

tescobabe69 wrote: »

Leave a couple of hundred on it, you maintain a relationship with your provider and they keep your deeds - for free.

they're useless now anyway. bank destroyed mine when I paid mine off.

Goldiegirl

People are often keen to repay their mortgage when they get a windfall, but there's always the possibility that in a few months time you'll want to use the money, or part of it, to buy something.

I wouldn't make any quick decisions, and if a did make a part repayment to the mortgage I wouldn't use all the money. I'd keep some in a savings account.

Thrugelmir

tescobabe69 wrote: »

Leave a couple of hundred on it, you maintain a relationship with your provider and they keep your deeds - for free.

Deeds are held electronically now.

opinions4u

What rate of interest do you pay on the mortgage?

What are the costs of repaying it?

dimbo61

What would the person who left you the money want you to do ?
Round the world cruise or pay off your debts !
Even if you cleared most of your mortgage you would still have £10K left.

getmore4less

If you plan to move, have a good rate that is portable it might be worth keeping the cash.

DominicJ_2

I'd pay it off.