End of fixed rate - want to make lump sum overpayment

MORPH3US

Hi guys,

In a years time my 5 year fixed rate will come to an end.

When this happens I want to pay off a lump sum (can't do it until fixed rate ends because already overpaying by maximum).

So as I understand it, when my fixed rate ends I will automatically transfer on to SVR. At this point I can overpay as much as I want (i.e. my lump sum) to take me under the 75% LTV and I can then shop around for a new fixed rate if I want to.

Am I understanding that correctly?

Cheers

dimbo61

Yes that sounds right but check with your lender and just overpay a little over the max in the first month to see what happens then pay a larger lump sum off to bring your mortgage below 75%.
What does your mortgage revert to at the end of the fix ?
Might be better to stay on the SVR ( or is it some kind of tracker?)

MORPH3US

It is currently a 5.09% five year fixed taken out in 2006 with HSBC - was (is) a 100% graduate mortgage so we have been overpaying the maximum 20% every month since the very first payment to get the LTV down. At the end we will go onto the SVR... difficult to say whether fix or SVR will be better because we are talking a year down the line so will make that decision then.

Thanks for your comments though