We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is there any reason to keep mortgage open with small balance?
Options
Pat38493
Posts: 3,305 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?
0
Comments
-
It would save you having to pay the redemption fee for 10 years I suppose.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards