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Leaving a small balance left to pay

supermonkey
Posts: 759 Forumite


Hi everyone,
We're in a position to pay off our mortgage early, however it is a shared ownership property, so at some point in the future we may buy the remaining share, or move elsewhere with full ownership.
My thinking is to hold back a small balance on the mortgage, keeping the term the same & a nominal monthly payment because:
- It may be easier to borrow more on an existing mortgage than to start again
- We have access to the overpayment reserve if it were needed in an emergency
Does this make sense, or am I missing something?
Thanks
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