When this eventually becomes relevant to me I'd like to know what the general opinions are. I've heard differing points of view - some people claim that they keep a nominal amount in their mortgage rather than paying it off because it represents a line of credit with good terms and if they need to borrow more it makes it easier. In my case, being on a tracker this doesn't make sense to me as I can't replicate the rate.
Others claim they keep a nominal amount in place because they have critical illness coverage on it and so they like the idea of having that there in case they get sick - but again I'm sure this is achievable directly without the associated mortgage, am I wrong?
My general attitude is, pay off all debts ASAP but I'm curious as to what other people do and whether this 'nominal amount' approach is widespread?
Others claim they keep a nominal amount in place because they have critical illness coverage on it and so they like the idea of having that there in case they get sick - but again I'm sure this is achievable directly without the associated mortgage, am I wrong?
My general attitude is, pay off all debts ASAP but I'm curious as to what other people do and whether this 'nominal amount' approach is widespread?