YOU�VE PAID OFF YOUR MORTGAGE! NOW WHAT? - Master Your Money Now

Master Your Money Now21 Jul, 2022Business

"The first question is should you discharge your mortgage? You might be able to keep the loan facility open, with a zero balance, and retain the option to redraw on the loan account if you wish. This can be a handy way of meeting unforeseen expenses in the future, or opening up investment opportunities. If you decide to close your loan account check first if there are any costs involved. For example, you may lose an associated credit card. Or you may be up for substantial break fees if you?ve paid off a fixed-rate mortgage early."