Overpayment when switching deals

PrincessLou

Our HSBC mortgage deal comes to the end in a couple of weeks time. We will be arranging to switch to a new 2 year fixed this week. Both the deal we ha ve now and the one we are switching to only allow overpayments of 20% of our monthly payment. My question is will there be an opportunity when switching to make a lump sum penalty free overpayment before the new deal starts? Or will one deal just carry straight on from the other?

[Deleted User]

Just did this last week with HSBC. I had to send them a post dated cheque which they cashed when the 2 year deal came to an end so no penalty. Now onto a new 2 year deal with HSBC which again allows 20% overpayments. The 20% does not continue after you re-mortgage so you have to ask them to apply this again. I just phone them up to keep me right at every step of the way so there was no surprises. Cheers

PrincessLou

Thanks jeepjunkie, we will ring them this week to sort that out then. :beer: