The Martin Lewis Podcast Question Time: Is cash king? Should you keep some mortgage debt? Can I reclaim student loan taken off my bonus?
Oct 13, 2025
This week, listeners dive into credit card strategies and whether unused cards should be canceled. The discussion heats up around managing mortgage debt and potentially keeping it for future borrowing flexibility. Martin also clarifies the ins and outs of reclaiming student loan deductions from bonuses and shares a success story about overpaid loans. Plus, there’s a glimpse into Martin's fitness journey and his routine updates. Finally, he tackles the complexities of distance selling rights at Argos.
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Keep Useful Cards, Close The Rest
- Ignore generic worries and do what's right for your finances rather than chasing an ideal credit profile.
- Keep cards that give useful perks (like balance-transfer options) and close others if you won't use them.
Don't Keep Mortgage Debt By Default
- Prefer paying off your mortgage when you can because keeping it costs you interest over time.
- Only keep mortgage debt for borrowing convenience if you genuinely expect to need cheap further advances soon.
Weigh Further Advances Vs New Mortgages
- Consider keeping an existing mortgage only if a further advance is likely to be cheaper and quicker than a new mortgage.
- Balance that convenience against higher long-term interest and potentially better market deals elsewhere.