IF mortgage dilema

Hi all , not really a dilema at all but i'm in a great position to pay off my mortgage in January.
What would you recommend pay the full amount off and be charged (ref IF website)
Full copy of title deed £40
Release from the mortgage £75
Mortgage discharge fee (unsure)

or leave a nominal amount in, how much?
12 years left on mortgage, house built 1991 so no historical deeds.
what about the deeds

I trust you can advise
sorry so many questions
thanks Girr :confused:

Replies

  • jamesdjamesd Forumite
    25.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Simply having a mortgage with a regular payment record improves your credit score so I suggest letting it run until the normal end date, at the earliest. Pick the amount you'd like to pay each month and use a mortgage calculator to find out how much to leave outstanding to make that your payment. A thousand Pound mortgage at 6.5% interest rate for 12 years would lead to monthly payments of about ten Pounds and paying about 36 a year in interest. Or nothing if it's an offset mortgage and you can offset it all. Pro-rated for smaller mortgage amounts, so leaving 100 to pay would give monthly payments of a Pound and 3.60 a year in interest.
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