Paying off the mortgage - any disadvantages?

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I have been overpaying my mortgage for about 5 years and now left with a balance of £7.5k. The rate is 1.49 above the base rate. We have this amount saved (and some emergency money) in a Santander 123 account paying 1.5% interest.
Logic tells me to pay the mortgage off and then build our savings back up, but I wondered if there were any disadvantages on doing this.
I know that years ago the banks used to keep your deeds safe as long as you had a mortgage with them, and it was encouraged to leave a small balance on your mortgage for this reason, but we hold the deeds ourselves.
Logic tells me to pay the mortgage off and then build our savings back up, but I wondered if there were any disadvantages on doing this.
I know that years ago the banks used to keep your deeds safe as long as you had a mortgage with them, and it was encouraged to leave a small balance on your mortgage for this reason, but we hold the deeds ourselves.
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There is little doubt, that you could make the £7,500 work harder than the 1.49% you will save on your mortgage such as investments, pensions, stock and shares ISA - (financial advisors logic)
But I think paying the mortgage balance off has other advantages - in terms of protecting yourself from potential further interest rises (maybe less of an issue in your case as the balance is so small).
I personally just like paying my debts off first, and then building my savings (my grandmas logic)
Wonder what happened to that money box? *off to Mum and Dads to see if it's still there!!