To redeem or not to redeem

Raff6666

I've lurked on here for a long time but I'm now looking for some advice.

Myself and my brother shared a mortgage on a house, Which I bought him out of it in 2006. Prior to doing this I read the money saving experts mortgage guide and realised that we had been overpaying (standard variable) for years not realising the amount of money we were wasting through ignorance. Using the advice from the guide I took out a lifetime tracker mortagage and by scrimping scraping and throwing every bit of money I could muster at overpaying (and with luck due to the 2007 crash and low interest rates), I am now in the position where I have only £250ish left to pay. My Mortagage company have sent me a letter asking if I wish to redeem the mortgage or whether I wish to maintain it until 2031 when it was due to end.

Bearing in mind that property deeds are now stored electronically is there any benefit in keeping the mortgage running with a very low monthly payment? Or should I ask for a final redemption statement and just get it finalised:j.I will possibly be looking to use my wages to make a further property purchase at a later date (maybe buy to let) but this may be some time as I realise that i'll need deposit etc.

Also a big big thankyou to Martin and the team for producing such a great guide, I kick myself for being such a dope for so many years and always recommend this guide, and site, to all friends and colleague who are looking at buying property.:T

Cheers

brenda10

Raff6666 wrote: »

I've lurked on here for a long time but I'm now looking for some advice.

Myself and my brother shared a mortgage on a house, Which I bought him out of it in 2006. Prior to doing this I read the money saving experts mortgage guide and realised that we had been overpaying (standard variable) for years not realising the amount of money we were wasting through ignorance. Using the advice from the guide I took out a lifetime tracker mortagage and by scrimping scraping and throwing every bit of money I could muster at overpaying (and with luck due to the 2007 crash and low interest rates), I am now in the position where I have only £250ish left to pay. My Mortagage company have sent me a letter asking if I wish to redeem the mortgage or whether I wish to maintain it until 2031 when it was due to end.

Bearing in mind that property deeds are now stored electronically is there any benefit in keeping the mortgage running with a very low monthly payment? Or should I ask for a final redemption statement and just get it finalised:j.I will possibly be looking to use my wages to make a further property purchase at a later date (maybe buy to let) but this may be some time as I realise that i'll need deposit etc.

Also a big big thankyou to Martin and the team for producing such a great guide, I kick myself for being such a dope for so many years and always recommend this guide, and site, to all friends and colleague who are looking at buying property.:T

Cheers

hope all goes well for you, can't give any advice etc, just to agree martin Lewis is and will always be my HERO, he has saved my soul in more ways than 1. He has brought me through difficult times and I have climbed the ladder from the bottom, a survivor, never give up.
CA

Thrugelmir

No point in maintaining the mortgage. As of no benefit.