Is there any reason to keep mortgage open with small balance?

Pat38493

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?

la531983

It would save you having to pay the redemption fee for 10 years I suppose.