Paying off mortgage but leaving further advance?

PenguinForever
Forumite Posts: 22
Forumite

Hello,
I have a mortgage with nationwide of £52,000. I also have a further advance of £23,000. Two separate accounts. The main mortgage has a substantially higher interest rate than the further advance. Within the next 7 months, it is possible to pay the mortgage of £52,000 completely. Is it possible to pay off a main mortgage, but leave a gutter advance?
many thanks,
Dave
I have a mortgage with nationwide of £52,000. I also have a further advance of £23,000. Two separate accounts. The main mortgage has a substantially higher interest rate than the further advance. Within the next 7 months, it is possible to pay the mortgage of £52,000 completely. Is it possible to pay off a main mortgage, but leave a gutter advance?
many thanks,
Dave
0
Comments
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When I made a similar enquiry a few weeks ago (prior to taking some additional lending) I was told you need to leave £1.00 owing on the main mortgage2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shadingEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endMFW #4 OPs: 2018 £866.89, 2019 £1322.33, 2020 £1337.07, 2021 (offset) £1250.00, 2022 (offset) £1500.00Target for 2023 (offset) = £1500, YTD £1000Quidquid Latine dictum sit altum videtur1
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From memory, I recall when I spoke to Nationwide when i also took a further advance, they said the primary mortgage account won't close if the further advance still existed.
My situation is that the further advance has an extra year in terms of when it ends compared to the primary. Hence, primary will be paid off sooner. They didn't mention about leaving a balance like the post above, but guess it makes sense.1 -
It makes sense to pay down the most expensive part of the mortgage provided there are No ERC s to pay ?
Speak to the Lender direct as each lender tends to do things slightly differently.
If you can clear the £52,000 well done1
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