Discharge mortgage security

[Olympian]

I've just paid off my mortgage (yipee!) but I haven't asked to discharge the security. I was advised it would be easier to remortgage at a later stage if I didn't discharge it.

Can anyone advise what disadvantages there might be with me leaving the security like this?

Loan was with AIB.

Thanks,

MM

 

[BrenG]

I don't understand the logic here. Obviously if you are intending to borrow from AIB again using the house as collateral it makes sense to leave the mortgage but if not then just get them to discharge it. There is no great disadvantage in leaving the mortgage intact as the Bank will discharge it upon request unless you have other borrowings secured against it.

 

[ClubMan]

Doesn't make sense to me to leave the lenders interest registered if the mortgage is cleared. I doubt that leaving it makes getting a new mortgage any easier - since the new mortgage would need to be registered separately - and leaving it leaves some loose ends not tied up. Could it also be hassle for your next of kin to discharge the lender's interest if you died unexpectedly for example? I would be inclined to remove it.