Mortgage ending soon - fees, other considerations?
Discussion
I'm sure the answer will be 'it depends', but a general view would be great if possible.
We don't have long left on our mortgage with the way we've been overpaying. It's likely it'll be gone within the next few months, so naturally I want to make sure I don't shoot myself in the foot by doing so.
Our mortgage is with Halifax who, from speaking to them, no longer charge a fee to close the mortgage down. That's great, and I'm told I no longer need the deeds etc. as these are all online.
However, the one element to throw into the mix is that we plan to move house early next year, so don't want this to cause any problems in getting another mortgage (I've read it is sometimes better to keep a mortgage account open). Additionally, with it paid off, does that create any further complications/costs with solicitors etc. when we come to sell our place and move?
Does anyone know the best way to go about this? It would be nice to pay our mortgage off, even if we are to get a mortgage just a short time later, but I'm not particularly fussed if we don't.
We don't have long left on our mortgage with the way we've been overpaying. It's likely it'll be gone within the next few months, so naturally I want to make sure I don't shoot myself in the foot by doing so.
Our mortgage is with Halifax who, from speaking to them, no longer charge a fee to close the mortgage down. That's great, and I'm told I no longer need the deeds etc. as these are all online.
However, the one element to throw into the mix is that we plan to move house early next year, so don't want this to cause any problems in getting another mortgage (I've read it is sometimes better to keep a mortgage account open). Additionally, with it paid off, does that create any further complications/costs with solicitors etc. when we come to sell our place and move?
Does anyone know the best way to go about this? It would be nice to pay our mortgage off, even if we are to get a mortgage just a short time later, but I'm not particularly fussed if we don't.
You'll get lots of people telling you to pay it down to the last £100 or whatever and if you are definitely going to get another mortgage that could be a good option. But being mortgage free is good and there is no saying that the one next time would best be with the same provider.
So personally I'd just pay it off, but cue a whole lot of people telling you not to. (At least that's what happened last time this came up)
So personally I'd just pay it off, but cue a whole lot of people telling you not to. (At least that's what happened last time this came up)
Edited by Siscar on Friday 6th December 06:40
Just pay it off.
Even if you keep it and then require another one from Halifax, they will underwrite the application in exactly the same way as a new client anyway. Plus, given Halifax's rates, they are unlikely to the best option available to you anyway.
And when you sell, it's not going to cause you any further fees from the solicitor if you don't have a mortgage, quite the opposite if they don't have a mortgage to redeem.
Even if you keep it and then require another one from Halifax, they will underwrite the application in exactly the same way as a new client anyway. Plus, given Halifax's rates, they are unlikely to the best option available to you anyway.
And when you sell, it's not going to cause you any further fees from the solicitor if you don't have a mortgage, quite the opposite if they don't have a mortgage to redeem.
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