Any Reason Not To Pay Off Mortgage?

Alt

I am in the fortunate position to be able to pay off my very small mortgage penalty free. Is there any reason why I should leave a tiny balance to be paid off?

I vaguely remember many years ago the idea was to not fully pay so the lender keeps the title deeds as it was safer for keeping but I guess with deeds now being digital this is now obsolete?

Cheers
Alt

On-the-coast

I too remember stories of people keeping a tiny amount of mortgage unpaid for that reason. With the land registry records being digitalised the paper title deeds no longer seem to matter. When i paid off my mortgage a few years ago, the banks was actually quite surprised that I asked for the deeds... they agreed to send them to me, but advised they were “just of historical interest”, and so it proved... lots of interesting statements of property transfers and obscure restrictions... but nothing that wasn’t actually logged at the land registry. I am not an expert though - that’s just my single story.