Paying Off He Mortgage

[langara]

As we are able to pay off our mortgage in a few weeks, we are getting conflicting advice as to leaving a small amount to pay, in case we ever want finance, the only thing we may need finance for is when we change our car next year. Any help would be appreciated.

[janbee]

Everyone says leave a tiny amount as a mortgage. I ignored that advice and paid off my mortgage balance nearly 8 years ago I've never regretted it.

[ummmm]

Get a credit card....keep your credit file active.

[Canary42]

I paid off mine 8 years ago - would recommend it. But maintain a good credit record by regular use of a Credit Card, paid up every month before incurring interest - doesn't have to be a huge amount. Such is the way modern credit rating works.

[langara]

Thanks all, I think the answer is to pay it off completely

[jakep]

We left a very small amount on the account with Nationwide. They have recently returned it as they do not keep accounts open any more.

[Old_Geezer]

No expert but I paid mine off at the end of last year. Didn't give my credit rating a thought. I figure my record is ok and if I want a loan and someone opts not to offer one; their loss of business.

[VHG]

It depends what your mortgage interest rate is and if you could get more than that in a bank.

I have just opened a Santander 123 current account which is paying 3% on the first £20,000.

You may "make" more money on this account than you save by paying off your mortgage.

[Buenchico]

I also paid off my mortgage in full and have never regretted it.

However, some time after doing so, I strongly recommend that you pay £3 to download a copy of the title register from the Land Registry, just to check that the lender's charge on your property has actually been lifted.

A few months after I paid off my mortgage the Woolwich tried to repossess my house because I'd not been making monthly payments. (They'd lost my payment!). Then, when they found the payment, they tried to charge me over two hundred pounds for the interest that had built up between me handing them the money and them eventually crediting it to my account. Eventually (after my threat to involve the local media) they backed down on that and I thought that everything was settled. Then, over a decade later I tried to sell part of my garden to a neighbour, only to find that I couldn't because there was still a charge registered against my property, in favour of the ruddy Woolwich!