What happens.

andys15andys15 Forumite
1.1K Posts
Part of the Furniture 500 Posts Name Dropper Combo Breaker
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Getting close to mortgage freedom. What happens when you make that last payment?  Should you make a last payment or should you retain a small mortgage?  I will probably never require a decent credit rating again, but who knows, and not having a mortgage will probably effect that. 
I have £18200 available on credit cards and not using any of that available credit, is showing as a negative, plus having a mortgage is showing as a positive. 
So what’s the best thing to do?  
Debt free. March 2020
Mortgage free-August 2021
Planned retirement date- 19/5/2026
£11000 saved. Target £420000

Replies

  • andys15andys15 Forumite
    1.1K Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
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    Are less people on these boards now?  Not much chat. 
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £11000 saved. Target £420000
  • MrsLovelyMrsLovely Forumite
    81 Posts
    Second Anniversary 10 Posts Name Dropper
    I don't know the answer but will be in your position in about 15 months time 😁. I think most people totally clear the mortgage but am sure someone more knowledgeable will come along shortly. 
    Dec 2010=£160k.
    *Oct 2021=£33,946k*
    Mortgage free date Feb 2022 😎
    Mortgage neutral £30k with 4 payments to go!
    E fund - £1300/£10,000
  • MovingForwardsMovingForwards Forumite
    12.8K Posts
    10,000 Posts Third Anniversary Name Dropper Photogenic
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    Clear the mortgage. People used to carry a small balance so the lenders would safely look after the title deeds rather than having to store them at home. If your property is registered at the land registry it's electronic title deeds, not paper ones.

    (This section is more for diaries rather than questions)
  • andys15andys15 Forumite
    1.1K Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
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    Ok great. Many thanks. I will post on there. 
    Debt free. March 2020
    Mortgage free-August 2021
    Planned retirement date- 19/5/2026
    £11000 saved. Target £420000
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