Mortgage Free But......

So we are working out way through the mortgage and only have about £11 thousand left on it but I have been told in the past thats its best to leave a little on the mortgage.

Has anyone done this? How much did you leave on?
Lucylema x :j

Replies

  • AnotherJoeAnotherJoe Forumite
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    That's ancient history from 20+ years ago when the building soc or bank would hold on to your deeds for safe keeping. It's all electronic on the land registry now so no need to do that indeed I've read reports of people with a few pounds mortage and the company has closed it on on their behalf.

    Do check you are on the land registry first I suppose if this is a 30 year old mortgage it might not be?

    Only reason for keeping an account going now I can think of is if that gives you access to low interest rate borrowing. There are a few scenarios where that is the case.
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