What happens.

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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
£29500 saved. Target £420000(19/05/2026)

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  • andys15
    andys15 Posts: 1,102 Forumite
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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
    £29500 saved. Target £420000(19/05/2026)
  • MrsLovely
    MrsLovely Posts: 104 Forumite
    First Anniversary First Post Mortgage-free Glee! Name Dropper
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    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.
    Mortgage free date 9th Apr 22 😎
    E fund - £10,005/£20,000
  • MovingForwards
    Options
    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)
    Mortgage started 2020, aiming to clear it in 2026.
  • andys15
    andys15 Posts: 1,102 Forumite
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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
    £29500 saved. Target £420000(19/05/2026)
  • placer12
    Options
    if an outsider pays the last payment on a mortgage, what happens.

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