Hello, I wonder if anyone can advise on what the best thing to do is in the
following situation. I am about to come to the end of my fixed rate mortgage
term and intend to chip off the last £10k from savings. I understand it is
advisable for a number of reasons to leave a few pound left on the account.
The reasons for this I have been led to believe are for potential future
raising of funds through the same mortgage company without paying extra
fees; so that the mortgage provider can retain and thus protect the security
of my deeds, essentially free of charge and should any windfalls occur with
my provider (not in this case though), mortgage holders may benefit. In
light of these points, how much money is it advisable to leave owing on the
account? 50p, £1, £100?

I also have two life insurance policies with Legal and General which cover
critical illness and life cover (decreasing term). As the mortgage will be
paid off early, do these types of policies "in general" still cover the
amount the mortgage would have been worth or what is actually left? I asked
L&G by phone, but was rather unconvinced of their support assistant's abrupt
answer...They said the decreasing term life cover would continue to cover
the amount the mortgage would be worth had we not paid it off early, but I
can't see it being that easy should you need to claim. Call me skeptical!