Mortgage Plan Check Please

20vt-rs

Hello Mortgage experts...

Just wanted to sanity check my current plan with the mortgage experts on here, just to make sure I'm heading in the right direction...

I'm currently with HSBC on a tracker rate of BOE+2.49% (2.99%). and my LTV is currently 70%. I have 17 years 5 months left on the term.

I've downloaded a mortgage calculator and in approx 2.5 years time (and providing my house value doesn't fall drastically) I'll be in 60% LTV terratory. This is based on meeting the standard payment with no overpayments.

My plan is to stay on the BOE+2.49 for the next 2.0-2.5 years and then look at another product such as a new tracker rate(depending on how the market feels) or a fix for five years.

I am overpaying at the moment around £300 per month, however this is about to stop as we have a little-un due in the next 2 months and the other half is giving up work. So all bills will be coming my way! I will try and overpay what I can but I doubt it'll be in the hundreds... We may bring the 60% LTV closer with the small overpayments but who knows.

I know you need a crystal ball, but my gut feeling is BOE rate will stay low for a couple of years at least, and if it does start to rise then it'll be a very slow progression. So hoping it stays low so I can reach the 60% LTV!

Does this sound like a good plan, and is the current product I'm on good in the current market or could I look at something better?

Thanks...