Early Mortgage Repayment

[ferrisdtjs]

I have been told that if I repay my mortgage early and in the future want to get another mortgage, it maybe difiicult.
Has anyone been in this situation?

You could come unstuck if you don't have a credit history. While you have a mortgage you are proving you can pay back debt in accordance with the agreement. After 6 years, this will drop off your credit file and you will be in the same position as someone who has never had a mortgage - no proof you have paid money back.

Also, in the future, if your income drops, you may fail affordabilty criteria.

What's the interest rate on your mortgage? Chances are that you can match or even beat it with savings so financially, there's no need to pay it off. Just keep paying your mortgage as normal and make sure your savings are earning the best interest rate you can.

Maybe overpay whatever your product allows without penalty, but otherwise, just let things tick along for now.

Another advantage is that you will have the money sat there should you need it for home improvements or whatever, without having to arrange further borrowing.