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

Pat38493
Forumite Posts: 2,200
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
Categories
- All Categories
- 340K Banking & Borrowing
- 249.1K Reduce Debt & Boost Income
- 448.2K Spending & Discounts
- 231.8K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 171.6K Life & Family
- 245K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards