Should I pay off my mortgage?

catherine12345_2

Hello


I currently have £7k owing on my mortgage and more than enough to cover it sitting in the bank.


However I have sold my house and am currently looking for a new home, which will require a new mortgage to enable me to upsize a little. I don't have any debts but have a credit card which I pay off every month in full and a phone contract.


My question is, will it make any future mortgage applications more attractive if I have a current mortgage being regularly paid off. I would like to get rid and save a bit of interest but don't want to scupper my chances of getting a new mortgage.


Many thanks


Catherine

Thrugelmir

Whether you currently have a mortgage or not won't make one iota of difference. If you earn a higher rate of return on your savings (after tax) than you are paying on your mortgage. Then leave the money on deposit. If not repay the mortgage.