Re: Mortgage
- From: Mike <mike@xxxxxxxxxxxx>
- Date: Sun, 02 Sep 2007 21:45:17 +0100
On Sun, 2 Sep 2007 14:50:49 +0100, "The Todal" <deadmailbox@xxxxxxxx>
wrote:
There is no longer any reason, if there ever was, for maintaining a small
mortgage so that the lender would "look after the deeds" for you. The only
deeds they look after nowadays are those which are of no value - an office
copy of the land registry entries. All the important stuff (old timber
guarantees, damp proof guarantees, FENSA certificates) must be looked after
by the owner himself.
There may be a reason for maintaining a small mortgage: if the person
is ever likely to need to borrow money, some lenders offer
preferential rates to existing borrowers. If the mortgage account
remains open, even with just a pound owing, the preferential rates
remain available. OTOH, it may be sensible to pay a higher interest
rate on any future borrowings and arrange it as a personal, unsecured
loan, rather than have it secured against one's home.
Mike.
.
- References:
- Mortgage
- From: Mr Pounder
- Re: Mortgage
- From: Paul Nutteing (valid email address in post script )
- Re: Mortgage
- From: Mr Pounder
- Re: Mortgage
- From: The Todal
- Mortgage
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