Should we pay off mortgage or keep a small one??
in Mortgage-free wannabe
2 replies 761 views
Hi! Sorry if this question has been asked hundreds of times before but I am so confused!! My husband and I currently have a £110,000 mortgage on a property in Surrey valued at £525,000. We are on a fixed rate mortgage at the moment which is due to end on 3/8/16. We are about to put our house on the market and relocate to the west country, we are confused as to whether it's better to completely pay off our mortgage or keep a very small one I.e £10k? What is the advantage of keeping a mortgage? I'm not even sure if our mortgage company will allow us to 'port' it to a new house anyway and if we move before our current mortgage expires we'll be charged a fee! What is the best thing to do, anyone any advice??? Thanks!:j
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