Nearly mortgage free!

We've been overpaying our mortgage by 10% a year for the last three years and have reduced the term from 22 years to having it nearly paid off in 8 years:j

Our ERC on the mortgage expires on 31st March so ASAP after that we'd like to clear the remaining balance. We would then be mortgage free until we buy our next house, saving what we would have paid in mortgage payments into our deposit fund!

Is there any reason why we should keep paying a small mortgage? We've always fixed at the wrong time ie a high rate and the svr with our lender is 4.99 so we would change lender when moving house.

Also, assuming we do clear balance will the bank send us our deeds?

Thanks:)

Replies

  • HelenDaveKidsHelenDaveKids Forumite
    3.2K Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Forumite
    Deeds are electronic nowdays so are not the same as when we bought years ago.
    Morgage till Nov 30 GOAL MFW Sept 2016
    Aug 11 - £100k Aug 2016.... It's GONE!!!!!
    2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
    "A goal without a plan is just a wish"
  • That's brilliant news! I think years ago it was beneficial to keep a small mortgage to claim the tax relief but as I understand it this no longer applies so you might as well be free of it altogether. Personally I'd rather have NO debt at all, which is where we are heading towards. Glad to see someone climbing out the hole though, gives encouragement to us all!!
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