We have been overpaying our mortgage slowly until this month when the amount we owe is finally under £500. I therefore wrote to Nationwide asking them how much to redeem the mortgage.
Today I have had a letter giving the amount to reduce the balance to £1. I have been told there will be no additional amounts to pay on this and no interest, however, they will not release their charge until we close our account fully. They seem to regard this as an option.
Can anyone tell me if there is any advantage in keeping the mortgage account open in this way. Sorry for my ignorance:o
Today I have had a letter giving the amount to reduce the balance to £1. I have been told there will be no additional amounts to pay on this and no interest, however, they will not release their charge until we close our account fully. They seem to regard this as an option.
Can anyone tell me if there is any advantage in keeping the mortgage account open in this way. Sorry for my ignorance:o