It’s years since I worked in a bank but we used to encourage borrowers to do this. If nothing else it’s a massive pain to return the deeds. I’m not sure if it’s still relevant today but it’s worth considering.Genuinely curious, how do you do that? Do you pay most of it and then don't reduce the term of the mortgage? Planning to pay off in the next few weeks.
You shouldn’t fully redeem the mortgage but see if you if you can leave a nominal balance of say €100.
That way the bank has to keep hold of the deeds at their expense and if you ever need to borrow money in the future, you’re an existing borrower with a mortgage.
Would cost you about €5 a year. How much is a safety deposit box to rent?
I do like that idea Marc.You shouldn’t fully redeem the mortgage but see if you if you can leave a nominal balance of say €100.
That way the bank has to keep hold of the deeds at their expense and if you ever need to borrow money in the future, you’re an existing borrower with a mortgage.
Would cost you about €5 a year. How much is a safety deposit box to rent?