From your experience does paying off early effect your credit rating or other negatives?

I've been reading around and can't find a definitive answer, so wondered if anyone had any personal experience -
Fortunately (well, unfortunately really) we have inherited some £ and are lucky enough to be in the position to pay off our mortgage early.
We currently have £16k and 4 years left on it. Doing so would still leave some to go into 'rainy day' savings. 
Only other debt is a small amount on cc.
I've read various articles saying don't as it'll damage your credit rating a lot as you'll have no credit history, others saying pay off say 15k leaving 1k for the rest of the time period (but this seems a bit counter-productive when having to pay £50 insurance pcm), and others saying pay the lot off - but these are always articles rather than peoples actual experiences. Just wondered if anyone had any thoughts.


  • South_coast
    South_coast Posts: 4,806
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    It didn't have any impact on mine. I've heard it said before (on MSE), but I don't really understand the logic of it - if having a mortgage is required for a good credit record, then how does one get a good credit record to get the mortgage in the first place?

    There are plenty of other factors that build into the record, having a mortgage would only ever be one aspect of it
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
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