Any disadvantages to paying off Mortgage?

emmb

I am in the fortunate position to pay off my mortgage.
On the face of it, it seems a no-brainer to pay it off, but before doing so, looking for any advice as to whether there are any 'disadvantages' of doing so...
I know it mught sound like a daft question, but nevertheless..

As background:
-I am otherwise debt free
-Paying off the mortgage will not clear me out
-Interest wise, other than going with the stock market, which I have never done and clueless about, curent market cash isas are earning less and I paying off the mortgage would not stop me being able to use the slightly higher interest rate accounts with their low limits on how much you are allowed to earn interest on
-To help maintain a good credit rating I already do and will continue to make all my monthly expenditure on a credit card and pay in full each month but that is my only other credit score thing, no loans etc

I hesitated last year in paying off as I thought I might sell the property but kept hold of it, so have paid year's worth of extra interest..which is what has spurred me towards considering it again.

Selling may still happen (it was my home but after an accident, I cannot access it so may end up renting it out after doing work to it...or may yet sell it, but not in a hurry.)

Not sure how likely it is but I may buy something else to rent out..I've heard how notoriously hard to get buy to let mortgages are...I'm guessing keeping this might help my case by proving history?
Can't think of anything else myself so opening to discussion.

Any more thoughts on disadvantages...?

User1489

Of course only you can decide, I would say that things to consider include;

- How much of a cash buffer would you be left with? Enough in case anything went really ad in your life?

- What is your mortgage interest rate? If it is higher than your savings rate, you would be financially better off paying the mortgage down. If the savings rate is higher, you would be financially better saving. Which of those two options (owning outright and having cash to hand is better for your mental health?)

- Are you about to hit a big spend? Conservatory? Swimming pool? Year off work? If you are and you need to fund it, a commercial loan would be much more expensive than a mortgage in terms of rate. So if you wanted to pay your mortgage off and then have a big spend, you would be better off paying nearly all of your mortgage but keeping a few thousand to pay off, and then remortgaging at a mortgage rate rather than a commercial loan rate. It's fiddly but makes sense.

Enough from me, good luck whatever you decide!

MvM

emmb

Hi
Thanks for taking the time to reply :-)

The standard stuff doesn't really apply in some ways.

Paying off the mortgage will still leave me with good buffer. The interest rates aren't really an issue such that they are at mo.

Very worthwhile point about mortgage credit v commercial credit, thanks.