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Pay down mortgage between deals?

LostSoulsAlliance
LostSoulsAlliance Posts: 2 Newbie
First Post
in Mortgages & endowments
Hi
Is it possible to pay a lump sum towards a mortgage at the end of a 2 year fixed deal, without incurring the early repayment charge, then start a new 2 year fixed maybe a month later? 

Thanks!

Comments

  • K_S
    K_S Posts: 6,908 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    @LostSoulsAlliance Is this what you're asking about - fix ends 31 March, SVR starts 1 Apr. You pay off whatever you want to (assuming no ERC on SVR) on 1 April and then apply for a product switch to start on 1 May. 

    If yes, I don't see any obvious issues with your plan.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.

  • LostSoulsAlliance
    LostSoulsAlliance Posts: 2 Newbie
    First Post
    Hi K_S   Yep thats what I was thinking.  Avoid ERC at the cost of one month at SVR.   Thanks
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