Pay my mortgage off completely or keep a little

[jandalsinsummer]

Just wondering what is usual at the moment? My mortgage is about to finish. I can clear the whole thing but then I know some people advise to leave a little on the mortgage in case you need to borrow in the future. It used to be because the bank then keeps the deeds secure but they are all online now.
I was just wondering what you all did, maybe someone can point me to some info about it. I will of course ask the bank but more advice is always good.
Thank you

Not much idea and am some way off this milestone, but money saving expert forums are always worth a look!
congratulations btw!

Check with your mortgage provider as some no longer let you have a nominal balance

I kept my mortgage going with a nominal sum for the reason you say, so the bank kept the deeds but after a few months it niggled at me so I paid it off and kept the deeds in a firesafe at home (this was many years ago obviously).

Are you likely to want to borrow more in the future and if so, would your current lender be providing the best rate?

Pay it off. The whole credit rating thing is not really applicable any longer. Having a fully paid up mortgage is a real bonus.

We are expecting to be in this position over the next year or so and have been advised by our independent mortgage broker to keep a nominal amount (15-20k) on the mortgage because if we want to upsize in our current area of SW London then we will need to take out a further mortgage, and having a small "credit" dent will help.

We are in a position to pay off our mortgage in a few months, when the current low interest rate ends, due to an inheritance.

Our financial advisor has told us that the idea of needing to keep a small mortgage in case you want to borrow again in the future no longer applies. You have the asset (the house), so you will be able to borrow against it.

We will pay off soon and will pay off entirely. No intention to get another mortgage - retirement is on the horizon.

Pay it off and be totally free of the financial burden. Congratulations

It’s a good idea to have an anti-fraud restriction added once you pay it off
www.gov.uk/protect-land-property-from-fraud

Will you retain any cash liquidity? I’d rather have a small mortgage and a decent amount of accessible money than no mortgage and no fund of accessible money, but if it’s purely about the ability to borrow from it in the future, I would just pay it off.

Pay it off. I think your credit rating for future borrowing is probably more impacted by putting everything on your credit card and paying it off every month.

Depends on my financial situation

If its 20k to pay it off and I only had 20k in savings. Id keep a 5 year or something

If its 20k to pay it off and I had 200k in savings id pay it off

I’d pay it off.

Back in the day there was tax relief associated with a mortgage but that finished some years ago.
I’m looking forward to paying mine off next September having saved what will be the balance at the end of this fixed period, it is amazing to think I’ll have no rent or mortgage for the rest of my life.
My current payments of £1100 / month should quickly add up to decent savings after settling it.

Thanks everyone and @MinnieMountain for the anti fraud tip. I’ve read all your responses so will see what the bank thinks on Monday!

I think it depends on: your interest rate is, how much you have left and what your balance is.

if you've got something wonderful like 1.15% psychologically it will be great to pay it off, but you might aswell stick it in savings where you'd earn more interest, than what you'd save paying it off. Depends how much though. If it's £5k, i would just pay it off. £50k is invest and then pay it off once term comes to an end. You need to think about what your term length is, so if you paid off now what exit fee would you pay