Why is it.................?

[LG17]

Originally Posted by Itsme

Never trust banks, and in my opinion close your mortgage, you really don't need it, plus you now have an asset that will cover any type of loan including a mortgage, if the needs arises again.

Should the unthinkable happen and I need to re-mortgage then it won't cost me anything to do it.

[Itsme]

Originally Posted by LG17

Should the unthinkable happen and I need to re-mortgage then it won't cost me anything to do it.

Just remember your property title is still in their hands (mortgaged), not cleared to you, something to think about against a modest loan fee.
I was thinking the same as you but decided to get the title back under our name & cleared from the Bank.

[prktkljokr]

Depending on how much you would need to borrow, the fact that you own your home any bank will throw money at you without the home as security, you have already proven yourself by paying it off, the only time you would need the mortgage again is if you were borrowing to buy another house/s.

[Citroënbender]

I’d be interested to hear PeterB-CV8’s take on this.