Mortgage overpayment and early repayment fee

ViolaLass

Once your deal is over, the early repayment fee no longer applies. You can then opt to stay on the SVR (usually not the best deal but generally an option) or sign up to a new deal with your old lender or another lender.

You don't need a solicitor to get a new deal, just talk to the bank directly. If you want to overpay, just give them the money once the old deal is over.

btcp

Opt to stay on SVR is not the best option, I agree. My current rate is 1.64% while SVR is over 4%. Even if I stay for a few days, I will pay high interest. So if I switch to a new deal next day after my current one ends, all I need to do is just to time it correctly and pay my bit the same day as the amount borrowed so the old mortgage is completely redeemed, right?

When I was switching last year, Santander appointed a solicitor to deal with the switch, all I did with the bank is submitting my application online. Then they offered an option to transfer to them any difference in case I don't borrow enough, but at that time I didn't think about it as of a bigger chunk of money. I only thought they'd need it if it a couple of hundreds difference. Maybe it could vary by lender, only mentioned solicitor because it was my experience.