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Should I pay off mortgage?

aliwatts
aliwatts Posts: 654 Forumite
Part of the Furniture 500 Posts Combo Breaker
in Mortgages & endowments
I am due to complete my mortgage in Dec 2015 as have been overpaying for some time. I have heard that if I pay it off completely I will struggle to obtain any loans etc in the future. Is this true? Should I reduce my mortgage payments now and just let the mortgage run its time? Now only owe about £5k. I would appreciate any advice?

Thanks
:hello: Laugh and smile everyday, it keeps you healthy ! :wave:
Thanks for everybodies help on here, what a great community !

Comments

  • Senior_Paper_Monitor
    Senior_Paper_Monitor Posts: 2,918 Forumite
    Part of the Furniture Combo Breaker
    What had whoever told you that been smoking ???
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If you can pay off your mortgage, then just do it.


    Its a fabulous feeling when you hand the last payment over.


    It wont effect your credit.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    aliwatts wrote: »
    I am due to complete my mortgage in Dec 2015 as have been overpaying for some time. I have heard that if I pay it off completely I will struggle to obtain any loans etc in the future. Is this true?

    Complete rubbish.

    Clear the mortgage and enjoy the freedom of doing what you want with your money.
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