Few Questions regarding remortgage and overpayment

Moneygrabber89

Hi,

I have a few questions as my 2 year fixed mortgage is coming to an end:

• At what stage will I get a letter from my current provider telling me the remaining balance?
• How long before I need to remortgage to another provider do I need to give? I.e. how long does the process take?
• When applying for the remortgage do I then reduce my term time to 23 years or keep at 25? (previous was 25 years)
• In theory should my mortgage payment go down every year?
• I am aiming to overpay £300 a month on my mortgage. Is this more beneficial or when applying for new mortgage would it be more beneficial to just lower my term time to say 20 year?
• Is it better to overpay or save in savings? Current mortgage rate is 2.75% with £100,000 remaining balance. I can get a 5% saving account for figures up to £2,000

dimbo61

You can start looking three months before the end of the fix.
Why remortgage to another lender ?
Have you looked on your lenders website to see what deals they have for existing customers ?
You maybe able to do this all online so no credit checks or mortgage application.
The mortgage term will reduce to 23 years and you are better to just overpay by £300 a month when you can afford too.