Basic Question

The_Realist

I am coming to the end of my first 3 year deal in August and want to pay off a large lump sum before I get a new deal in place (either with existing bank or a new one if better deals prevail).

How do I go about making this payment before the new deal starts without incurring penalties for overpayment which exist in the current deal and likely in the new deal? Do I pay it one day after existing deal expires then sign up to a new deal?

Many Thanks

Spiggle

Yep, you could do it that way. You can always check direct with your provider.

Do you know what is the standard variable rate (SVR) you drop onto when the deal expires? If you prefer the stability of a fix then certainly deal search but it may be that the SVR is cheaper at the moment and should allow overpayments at any time without penalty though do check your own terms and conditions.

Hope that helps,
Spigs