Pay off mortgage or keep account open?

KMCG1969

Let me explain, I have been overpaying my mortgage for just over 10 years and today I have £700 left to pay - for me that is 2 more payments. My quandary is do I make the next 2 payments & complete my mortgage, or, do I make one payment then drop my overpayments to the value the mortgage company says I need to pay (~£17/month). I apologise if this is a silly question but I wondered if we decide to move or build on to the house or access equity (no plans at the moment) is it a better idea to have an open account rather than have to apply for a new one in the future? In terms of LTV, house is worth circa £300k & has £700 left to pay? Thanks in advance. 

Thrugelmir

Clear the mortgage now then the matter is closed. There's no benefit to keeping the mortgage open. 

Durban

Thrugelmir said:

Clear the mortgage now then the matter is closed. There's no benefit to keeping the mortgage open. 

I don't think that it is as clear cut as that and the question is also pertinent to me as well as I have the same dilemma 

If you think that you will want to access some equity in the future by using your house, if the mortgage is cleared and you have an unencumbered property , you'll have to pay solicitors and valuation costs when you take out a new mortgage unless you go to a lender where that is all included.  Also , surely it will take longer to access equity by taking out a whole new mortgage rather than adding to your existing one ( if you can get a good enough rate with your existing lender )

KMCG1969

Durban said:

Thrugelmir said:

Clear the mortgage now then the matter is closed. There's no benefit to keeping the mortgage open. 

I don't think that it is as clear cut as that and the question is also pertinent to me as well as I have the same dilemma 

If you think that you will want to access some equity in the future by using your house, if the mortgage is cleared and you have an unencumbered property , you'll have to pay solicitors and valuation costs when you take out a new mortgage unless you go to a lender where that is all included.  Also , surely it will take longer to access equity by taking out a whole new mortgage rather than adding to your existing one ( if you can get a good enough rate with your existing lender )

I was going to do exactly what Thruglemir said but then I read up on the point you raised Durban & that’s what has caused me to consider the next step?