Advantages in not paying off the mortgage?

Mirno

Hi MSE-ers,

Is there any advantage in not (completely) paying off the mortgage?
I've been overpaying the mortgage for a few years now, and am down to the last few thousand and should clear that within the next 3 months (well maybe four given Christmas is around the corner ). Is there any advantage to getting it to say 1k, then dropping the payments to the minimum?
I remember being told something about this a long time ago, but can't remember what it was (or if it's still relevant)!

Mirno

CAN1976

if you have a really low rate and a draw down facility it can be useful to keep it open as a possible cheap line of credit, or so I have read.

Thrugelmir

Mirno wrote: »

I remember being told something about this a long time ago, but can't remember what it was (or if it's still relevant)!

Property deeds used to be paper based so storing them somewhere safe was essential. Now all electronic at land registry. So maintaining a £1 mortgage balance and your lender incurring the storage charges no longer applies.