We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
0
Comments
-
Makes sense0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.8K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards