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Offset Mortgage cleared - Any reason to keep Mortgaged ?
KayJay8
Posts: 1 Newbie
Hi,
This may sound like a Silly Question.
My offset savings is now more that the Mortgage amount owed. So I now have a few options.
1. Leave as it is, and it will pay off in 18 Months, and as I've overpaid, there will be a final £90 fee to close everything out.
2. Reduce the monthly payments, so that it will pay off in 8 years, at the end of the 25 year term (No Fee)
3. Just pay it off now, and close it all out - £90 fee again
I'm tempted to just close everything out, and not have a Mortgage any more.,. But before I do that, I was just wondering if there was anything I should consider, that may make keeping the Mortgage for now, an advantage to me ?
Thank you !
This may sound like a Silly Question.
My offset savings is now more that the Mortgage amount owed. So I now have a few options.
1. Leave as it is, and it will pay off in 18 Months, and as I've overpaid, there will be a final £90 fee to close everything out.
2. Reduce the monthly payments, so that it will pay off in 8 years, at the end of the 25 year term (No Fee)
3. Just pay it off now, and close it all out - £90 fee again
I'm tempted to just close everything out, and not have a Mortgage any more.,. But before I do that, I was just wondering if there was anything I should consider, that may make keeping the Mortgage for now, an advantage to me ?
Thank you !
0
Comments
-
If the rate is good it will be some of the cheapest money available.
Keep it open as a line of cheap credit.
There may even be savings available at better rates.
If Barclays you can convert it to an overdraft in the reserve account so savings don't count for benefits.0
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