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Should I pay off mortgage, or leave a little bit
pmceldowney
Posts: 1 Newbie
Hi
I've searched the forums and the internet but can't find any rational answer to this question:
I have about £10,000 left to pay on my mortgage, currently about £150 per month I think.
My mortgaged flat is currently being rented out. The bank (Bank of Scotland) wants to change my mortgage to a business one after six months of renting. Should I just pay it off?
I'm guessing anything they propose will be more expensive, and harder to wrangle out off later, if I want to?
Is there a valid reason to hold on to a small mortgage (credit checking or the like) or is that a myth. I have a credit card that I pay off fully every month, and a mobile phone bill the same - are these enough to prove my credit worthiness in the future?
Apologies if this is answered elsewhere in the forums - I did search, couldn't find the answer.
Regards,
P
I've searched the forums and the internet but can't find any rational answer to this question:
I have about £10,000 left to pay on my mortgage, currently about £150 per month I think.
My mortgaged flat is currently being rented out. The bank (Bank of Scotland) wants to change my mortgage to a business one after six months of renting. Should I just pay it off?
I'm guessing anything they propose will be more expensive, and harder to wrangle out off later, if I want to?
Is there a valid reason to hold on to a small mortgage (credit checking or the like) or is that a myth. I have a credit card that I pay off fully every month, and a mobile phone bill the same - are these enough to prove my credit worthiness in the future?
Apologies if this is answered elsewhere in the forums - I did search, couldn't find the answer.
Regards,
P
0
Comments
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Is the only mortgage you have, the £10k on a flat that is rented out ?0
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