What happens. 17 October 2020 at 11:21AM in Mortgage-free wannabe 4 replies 201 views

andys15

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?  

andys15

Are less people on these boards now?  Not much chat. 

MrsLovely

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. 

MovingForwards

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)

andys15

Ok great. Many thanks. I will post on there.