Should I pay off my mortgage?

Alison_Norman

I am in a position to finally pay off my mortgage ... BUT I am self employed and wonder if there is any benefit to me keeping a small monthly repayment going in case I need to borrow money in the future?

DigForVictory

Offhand, I'd say pay off the mortgage, rejoice, and if you need to borrow money point out that you had & paid off a mortgage so you know the drill.

I don't quite see why/how deliberately staying a bit in debt improves your credit rating?

I'm sure someone who knows more will be along shortly, but CONGRATULATIONS on having the choice!

mikenolan

Why not switch to an offset mortgage that way if you need to borrow money in the future you can do so easily but without paying any interest. It also gives you a pot of money that you can feed into other higher interest savings accounts.