Why not pay off all of your mortgage?

kenshaz

Cute_n_Quirky wrote: »

Our mortgage completed in 1994 with £1 still owing to Northern Rock.
We still got the shares. NR keep the deeds and still provide buildings insurance.

They will have transferred them on to a data base,I would request the bits of paper back ,the real information is held electronically.
They still provide building insurance free .I am amazed ,when I had a mortgage we had to pay it every year.Just for having a £1 outstanding,please explain fully for the benefit of other.

regularsaver1

nearlyrich wrote: »

We owe the last £100, they don't charge us any interest or fees but we wanted to keep our options open for further borrowing if required whilst the children were at uni. Fortunately we haven't needed it and our property is registered at the land registry so the only benefit is to the Halifax who have an extra mortgage account to keep them the biggest.

lol surely its in amount rather than numbers of mortgage on the lenders figures

daleyd

Think it also may be something to do with exit fees - i.e if you pay your mortgage off early you may get stung for a charge - if you keep the 100 squid in till the end of the term you don't.

I may have dreamed this so don't quote me

regularsaver1

Also the £100 is a benefit so that if you needed to do a further advance later then there most probabaly would be no need for any legal work or any valuations because you still have a live mortgage account - have done it for someone. they had the money the same day

MarkyMarkD

I think that's part of what I said, regularsaver1, but none the less it's very true.

Cute_'n'_Quirky

kenshaz wrote: »

They will have transferred them on to a data base,I would request the bits of paper back ,the real information is held electronically.
They still provide building insurance free .I am amazed ,when I had a mortgage we had to pay it every year.Just for having a £1 outstanding,please explain fully for the benefit of other.

Who said it was free? Did I miss something?

kenshaz

Cute_n_Quirky wrote: »

Who said it was free? Did I miss something?

Why stay with them for building insurance ,have you compared what they charge you with others?

regularsaver1

MarkyMarkD wrote: »

I think that's part of what I said, regularsaver1, but none the less it's very true.

sorry MarkyMark

Mr_helpful

Cute_n_Quirky wrote: »

Who said it was free? Did I miss something?

Well when you get to be a mortgage adviser and have your own GI agency think of all that commission you will earn by writing your own buildings Insurance. You can get a really good one and it still works out cheaper than the direct sellers cheap and nasty deals.

MarkyMarkD

regularsaver1 wrote: »

sorry MarkyMark

I was only joking - always happy when someone reiterates something I've said.