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Is there any reason to keep mortgage open with small balance?
Pat38493
Posts: 3,377 Forumite
If I am able to pay off the full balance of a mortgage, is there any reason to keep it open with a small balance?
For example if the original agreed mortgage deal still has 10 years to run, is there any value to having it still open as a kind of "pre-approved" line of cheap credit and/or to keep your credit history good?
For example if the original agreed mortgage deal still has 10 years to run, is there any value to having it still open as a kind of "pre-approved" line of cheap credit and/or to keep your credit history good?
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It would save you having to pay the redemption fee for 10 years I suppose.0
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