Should I pay off the Mortgage?

PieMistress

Hi, I called the bank and they said leaving £1 in a mortgage is "long done".  However, I have the option to reduce the monthly payment to say £3 - and it gives me time to now decide what to do ie/ do I need that cash for DIY!

Bimbly

But you are paying 6.75% on any money you borrow on this mortgage product. Doesn't sound advantageous to me. If you need to borrow money in the future, you could get a regular loan, get extra borrowing on your other mortgage at a lower rate or take a 0% credit card. 

Hoenir

PieMistress said:

Hi, I called the bank and they said leaving £1 in a mortgage is "long done".  However, I have the option to reduce the monthly payment to say £3 - and it gives me time to now decide what to do ie/ do I need that cash for DIY!

All deeds are now electronically held at the Land Registry. The old thinking relates back to the days of paper records.