What's the best thing to do re almost clearing my mortgage?

[tigwig]

We have found ourselves in the very fortunate postion to be able to pay off the majority of our mortgage. There will be about £13,000 left on it until 2032 and that is on a fixed rate until 2015. I dont know whether to leave it and have the usual payment slashed massively, try and change the term and increase the payments to clear it quicker or try and get a loan from elsewhere (or the mortgage provider) and clear it some other way so we can pay the whole mortgage off. I'm booking to see an advisor next week but just wondered if anyone else had any suggestions?

[factor-fiction]

I doubt it'll be worth taking out a loan to pay off teh remainder of teh mortgage rates- mortgage rates are very low compared to most other lending rates. (Having said that, a few years ago I borrowed over £12000 on a couple of 0% credit cards for 18 months and used it to pay off some of my mortgage)

[Mosaic]

It depends on your long term aims. We were in your position, and we simply carried on paying an amount every month that was miniscule by the time we completed. The life insurance was more than the payments. We then got a handy bonus payout - not a lot but enough to chuckle about. During this time we had all kinds of offers to pay it off, take out more loans etc.....but we didn't want to move and were happy just to let this rumble on.
Your advisor will want you to buy more products, so will want you to take out another loan.

[Mosaic]

...and in addition, the mortgage provider refused point blank to tell us if there was a bonus payout at the end. They really badly wanted not to pay us that bonus.

[factor-fiction]

^ I don't understand that last point, Mosaic? I don't know what a bonus can be on a mortgage. Are you talking about the bonus on the associated life policy for an endowment mortgage, as the life policy can be left to run even if you pay off the mortgage?

[Mosaic]

probably!