Paying off mortgage but leaving further advance?

PenguinForever

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

jackieblack

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 mortgage 

darkcloudi

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.

dimbo61

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 done