Overpaying with around 5 years left?

Hi - can anyone give advise on overpaying when your mortgage is nearing the end? 
I've been desperately overpaying as much as I can and am now 6 years from paying my mortgage. 
As the mortgage amount has decreased though so has the maximum overpayment allowance.

Last year I managed to overpay the 10% by mid year and so saved the money and have just today paid the 10% for 2022 already. Next year my fixed rate comes to an end and I will want to renegotiate my deal. I've always had a fixed rate and like the idea of going with a shorter term so my monthly payments go up and I don't need to worry about the overpayment allowance BUT I don't look great on paper and really struggled to get the mortgage into my own name after my divorce so not sure the bank will agree to larger payments. Also are all new deals based on a 5 year minimum or is that only if you wish to remortgage to a new bank? 
I'm thinking I might need to go to a flexible or tracker rate but have no experience of these kind of mortgages so just wondered if there were any mortgage free Wannabees who could help? 
Mortgage Free Wannabee

December 2019 £63,712
December 2021 £42,433
August 2022 £34,747


  • I'm on a tracker for very similar reasons to you.  Few years left and always overpay more then 10%... You need to check the terms of it but my tracker with nationwide allows me to overpay as much as I want or repay entirely whenever I want . It's a 2 year tracker rate, which I'll renew this summer but repay entirely early next year. My rate is currently 1.34 so not too much higher then the fixed.... Stay with your current bank and renew to w tracker mortgage is my advice 
  • Brilliant thank you so much. 
    Mortgage Free Wannabee

    December 2019 £63,712
    December 2021 £42,433
    August 2022 £34,747
  • powerspowers
    powerspowers Posts: 1,109 Forumite
    First Anniversary First Post Name Dropper
    My bank does a fixed term with unlimited overpayment. It’s a tad more interest but not stupid. I’d see if that’s an option with your bank and stay put if possible. 
    Alternative is to go for mortgage neutral- pay your max OP each year and then save so savings=mortgage. 
    I would be careful about reducing term too much- one the bank might not approve it if they deem it not affordable and two you lose the flexibility if your circs do change. 
    Good luck, you are so close now which as a single borrower is fab 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600

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