Santander overpayments when moving to Santander SVR

perky99

Hello,


This is a quick query on how any overpayments would operate in the same year of reverting to the SVR...


Our 5 year fix with Santander at 2.99% ends in May - and we'll then move to the SVR rate (4.4% or so I think) - assuming we don't get a new deal.


If we were to make an overpayment of say £5k now, before the fixed rate ends, which is under the 10% annual limit, would we then be able to make a further overpayment later in the year, perhaps September time, by which stage we would be on the SVR?


I gather in theory we can make unlimited overpayments when on the SVR, but I wonder what would happen if we'd already made an overpayment during the last few months of our fixed deal - and whether that would prevent a further o/payment that calendar year (or attract early payment charges...)


Thanks - can't seem to see anything about this anywhere

Thrugelmir

You can overpay up to 10% each calendar year (January to December) on your fixed rate loan amount without paying an early repayment charge.

There'll be no restriction once you move onto the SVR. After which you can opt for another fixed term product.