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Fixed term ending when is best to pay an overpayment?
sitesafe
Posts: 543 Forumite
Hi
I'm currently approaching the end of a 5 year fix on 4.99 and am limited to 10% overpayment of the mortgage balance as it stood at the start of the year.
What I was wondering was if there would be any gain in waiting until August when I go onto my SVR which is 4.74 % before paying off the overpayment or overpaying it while I'm still in the fix at 4.99%
Thank you
I'm currently approaching the end of a 5 year fix on 4.99 and am limited to 10% overpayment of the mortgage balance as it stood at the start of the year.
What I was wondering was if there would be any gain in waiting until August when I go onto my SVR which is 4.74 % before paying off the overpayment or overpaying it while I'm still in the fix at 4.99%
Thank you
0
Comments
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Dont pay until you are off the fixed term. Even if they allow it there will be some sort of penalty. These are very high rates. Will you be remortgaging? Or is this BTL?0
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Overpay up to the penalty free limit as soon as you have the funds.
Review what retention deals are available to compare against a remortgage.0 -
Ps yes do pay up to the limit. I was referring to anything over but I see that's not clear.0
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