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Lump sum payment after taking out new mortgage offer possible?


So my plan is this. We have made maximum overpayments for this year on our mortgage term. We are renewing in 2 months. We can get a good 2 year fixed rate deal which we would be happy with. The plan is to make investments with our other saved money whereby we should be able to pay off out mortgage completely after the 2 years ( we understand the investments may not work out and we may need to continue to pay a mortgage).

Is it possible after the 2 years fixed, when we come to remortgage, to pay off the mortgage completely? Will I need to sign up to a new deal and is there such a deal that, lets say the week after taking that mortgage out, I pay it off in full?

Many thanks,


  • caeler
    caeler Posts: 2,606 Forumite
    Mortgage-free Glee! Photogenic Name Dropper First Post
    I only have experience with Nationwide but at the end of a fixed rate I'd have moved onto the SVR and that had no penalties for overpayment (or full mortgage redemption) except a £65 fee if I had more than 10 years left on the term.  You'll need to have a look at your terms and conditions to see what happens at the end of the fix if you don't sign up to a new deal.
  • modelreject
    Thanks Caeler. Perfect. Yeah, small fee doesn't bother me as long as I save £1000s :-)
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